Canada's Climate Resilience Gap Widens as Extreme Weather Costs Soar
Event summary
- The Government of Canada released its '2026 National Adaptation Strategy Progress Report' on August 13, 2026.
- Insurance Bureau of Canada (IBC) highlights a $65B stormwater and wastewater infrastructure deficit in Canada.
- Annual insured losses from extreme weather in Canada have increased by 320% since the late 1990s/early 2000s.
- 2024 saw record insured losses exceeding $9B due to extreme weather events.
The big picture
Canada's escalating extreme weather costs underscore the urgent need for a shift from disaster recovery to prevention and resilience. The IBC's call for infrastructure investment highlights the growing gap between climate risks and community preparedness, with insured losses rising dramatically over the past decades. This trend poses significant challenges for both the insurance industry and government policy makers.
What we're watching
- Infrastructure Investment
- Whether Canada can address its $65B stormwater and wastewater infrastructure deficit to reduce vulnerability to extreme weather events.
- Insurance Affordability
- How rising insured losses from extreme weather will impact insurance premiums and availability for households and businesses.
- Policy Implementation
- The pace at which the National Adaptation Strategy is implemented across different levels of government to enhance climate resilience.
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