Last year, the Insurance Bureau of Canada reported a staggering 400-percent increase in weather-related claims, underscoring the scale of the challenge climate change now poses for the industry.

Carolyn Murnaghan (pictured), sustainability and climate risk leader at Deloitte Canada, said the spike reflects a broader shift in both the type and frequency of climate-driven events across the country.

“Here in Canada, we are exposed to one of the broadest ranges of climate threats,” Murnaghan told Insurance Business .

“We are exposed to threats both from heat and from the cold, and we are impacted in similar ways as other parts of the world by the increasing severity of wind and hail, wildfire and flood events.”

Shifting underwriting strategies

That breadth of exposure, she explain

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