Climate Change: Changing Risks

Climate Change: Changing Risks 500 394 A.M. Associates

Across Canada, and around the world, we are witnessing the effects of climate change. Over the last 10 years, the “once in 50 years” flood has become an annual event in many communities. A heavy rainstorm in early August 2018 overwhelmed Toronto’s storm water management system, sending millions of litres of untreated sewage into the city’s harbour. Sewage backed up in the basements of homes and businesses, and two men almost drowned in a flooded elevator in an office tower underground parking garage. This summer in British Columbia over 500 wildfires have caused the province to have the worst air quality on the planet, and thousands of hectares, including homes and businesses, have burned, forcing the evacuation of more than 20,000 people. Milder winters and lower snow pack over the past few years have increased the forest fire risk across the country, and more violent rain storms have put pressure on the aging infrastructure in both cities and in agricultural lands. Managing the increased risks to homes and businesses caused by climate change will become more important to the global insurance market, if it hasn’t already. The Intact Centre on Climate Adaptation at the Faculty of Environment, University of Waterloo in Waterloo, Ontario is focused on research and development of initiatives to combat climate change. How are you adapting your business practices?

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