Canadian ICMIF member The Wawanesa Mutual Insurance Company (Wawanesa) has introduced two new insurance products that will help Canadians make their homes more resilient to climate change. The products are Stronger Home coverage and Eco-Friendly coverage. With Stronger Home coverage, Wawanesa will pay the increased cost to repair or replace a roof or exterior siding with more resilient materials when a loss occurs. With Eco-Friendly coverage, when a loss occurs, Wawanesa will cover the increased cost of repairing or replacing a property with Energy Star rated products and eco-friendly materials.
“As a mutual company, we believe we have a responsibility to help our customers be more resilient and aware of how we can reduce the impact of climate change on our homes, communities and planet,” said Wawanesa’s EVP & President of Canadian P&C Operations, Carol Jardine. “These new products will help Canadians better adapt to severe weather associated with climate change and mitigate damage to their property.”
These new climate adaptability coverages are available in Canada from Wawanesa through independent insurance brokers.
In 2021 the total climate related disaster damages paid by insurance companies in Canada exceeded CAD 2.1 billion. In addition to helping people by offering these new climate adaptability coverages, Wawanesa is also working to make sure that Canadians understand the risks their homes, businesses and communities face. Wawanesa is advocating for a more resilient country through Climate Proof Canada, Nature Force, the Institute of Catastrophic Loss Reduction, and the federal government’s climate adaptation work with the Insurance Bureau of Canada. Wawanesa is also promoting practical ways through social media and educational materials to help customers understand what actions they can take to prevent or mitigate the impacts of severe weather.
Jardine added, “We have been helping our customers recover from disasters for over 125 years and we are proud to step up with our broker partners and help more Canadians learn how they can protect their homes from the risks of climate change.”