Co-operators (Canada) has been actively engaging in strategies to enhance resilience in response to the growing challenges posed by natural disasters and climate change. At the heart of Co-operators’ approach is the integration of resilience into its operational and strategic framework. Recognising the escalating economic impact of natural catastrophes globally, the company has prioritised resilience not just as a response mechanism but as a proactive strategic focus. This shift represents an adaptation of traditional insurance roles to the emerging needs of a changing global environment.

Co-operators has employed several mechanisms aimed at enhancing preventive measures against climate-related risks:

• Resilience infrastructure investment: The company is channelling investments into projects that aim to strengthen community resilience against climate change. While these investments present certain challenges in terms of direct financial returns, Co-operators views them as critical to long-term economic and social stability.
• Addressing information asymmetry: To tackle the issue of public awareness regarding risk exposure, Co-operators has developed tools like its online water portal. This initiative is designed to provide individuals with personalised risk assessments, thereby enhancing their ability to make informed decisions about their safety and insurance needs.
• Promoting resilient reinstatement practices: Co-operators advocates for the inclusion of resilient reinstatement in building codes and construction practices. This approach goes beyond traditional claim responses, proposing that rebuilding efforts should also focus on improving future resilience.

Co-operators employs benchmarking as a means to assess and enhance its resilience-building efforts. This process involves evaluating various aspects of its resilience strategies, identifying both strengths and areas for improvement. Such a methodical approach aids in refining its practices and contributing more effectively to industry-wide resilience.

Co-operators’ initiatives in building resilience reflect a shift in the insurance industry’s approach to dealing with natural disasters and climate change. By focusing on resilience-building, awareness enhancement, and advocating for policy changes, the company is not only addressing immediate challenges but also contributing to the long-term sustainability of the sector. As global environmental challenges continue to evolve, Co-operators’ efforts in this area highlight the growing importance of resilience-focused strategies in the insurance industry.