As the insurance industry looks to governments to invest in infrastructure to mitigate future weather-related CAT events, it looks like they can count on clients for support.
A survey on Canadians’ views about climate change reveals an overwhelming majority (88 per cent) want Canada to commit to significant new actions to reduce greenhouse gas emissions.
“While climate change has not been a top-of-mind political issue that has attracted much attention in the media or during elections,” said Keith Neuman, executive director of the Environics Institute, “this survey reminds us that a growing majority of Canadians have concluded that climate change is a serious problem that requires serious government attention.”
In the survey – released by the Environics Institute for Survey Research in partnership with the David Suzuki Foundation, and timed to coincide with the United Nations climate change summit – Canadians express most concern (78 per cent) about what climate change will mean for their children and future generations.
Scarcity of water and more frequent droughts; increased extreme weather events like storms and flooding; and disappearance of wildlife are also of concern to a majority of Canadians.
The danger and cost of weather-related damage has been top of mind for insurers – especially when looking back at the previous year.
With more than $3 billion in weather-related catastrophe losses, 2013 will go down as “the year of the Cat,” said Karen Gavan, the CEO of Economical Mutual Insurance Company – and the industry cannot suffer such a loss alone without all levels of government implementing some immediate change.
“One thing is crystal clear: the industry on its own cannot be the flood insurance provider without substantive commitment and change from all levels of government,” said Gavan, “and the implementation of changes that will proactively address the growing risks.” (continued.)
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The survey also shows majority public support for a tax on carbon-based fuels across the country. Close to six in 10 (58 per cent) British Columbians support their existing carbon tax, and 56 per cent of Canadians elsewhere say they would support a B.C.-style carbon tax in their own provinces.
“A carbon tax is one of the most powerful incentives governments can use to encourage companies and communities to pollute less,” said Ian Bruce, science and policy manager for the David Suzuki Foundation. “It’s encouraging to see that Canadian support mirrors momentum around the world for pricing carbon pollution, with 73 countries, 22 states, provinces and cities and over 1,000 businesses recently signalling their commitment.”
The survey examined public opinion on climate change as part of the Focus Canada public opinion research program, updating its annual surveys on climate change dating back to 2007. This year’s survey is based on telephone interviews conducted with 2,020 Canadians between October 16 and 19, 2014. A sample of this size drawn from the population produces results accurate to within plus or minus 2.2 percentage points in 19 out of 20 samples.
