TORONTO, November 9, 2020 – Northbridge Insurance today released a whitepaper that highlights the growing risks that climate change poses for businesses as the frequency and severity of natural catastrophes increases. It reviews the increased key extreme weather events Canada has seen in recent years and the actions businesses can take now to help mitigate damage in the future.
This is especially important as the costs are high: Insured damage from floods, rain, snow, and windstorms reached $1.3 billion in 2019, according to the Insurance Bureau of Canada (IBC). In fact, the most severe weather event in 2019, the Halloween storm in eastern Ontario and Quebec, cost $250 million.
Extreme weather and natural catastrophes cause billions of dollars of damage in Canada every year. That number is expected to increase with the impacts of climate change, and no business or industry is immune. From ice storms and wildfires to flooding, tornadoes and other catastrophic events, natural disasters can’t be predicted — but you can prepare for them. For instance, to prepare for wildfires, businesses should regularly clear debris, create a fuel reduction area, and provide safe smoking areas. Meanwhile, for windstorms and tornados businesses should perform routine maintenance and retrofit their property, and for flooding they should seal walls, install flood shields, and have backup systems available.
“Many homes that survived the Fort McMurray fire are the ones that had an irrigation system in the front lawn, kept vegetation away from their houses and kept gutters free of combustible material,” says Fred Muldowney-Brooks, Vice-President of Risk Services at Northbridge.
“We need more proactive thinking,” he adds. “After all, you can’t install a roof alarm system for snow when you’ve already got snow on top of it.”
With extreme weather events on the rise, Northbridge Insurance hopes to help businesses prepare for the unexpected. To learn more about how to help protect your business against risks, visit our Risk Services page.
About Northbridge Insurance
Northbridge Insurance is a leading Canadian commercial insurer. Working with our trusted broker partners, we use our in-depth industry expertise to create solutions that help businesses of all sizes operate more safely, so that they can worry less about their risks and focus on their opportunities. Visit us at www.northbridgeinsurance.ca to learn more.
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