ICMIF member Co-operators believes the trend of climate change in its home country of Canada is clear. The direct impact to communities puts them at the forefront of this challenge and alone, they aren’t equipped to endure the effects that are no longer far off, but right at their doorstep. As a result, Co-operators says property insurance is getting costlier and insurance coverage gaps are increasing. In response to this, the cooperative financial services provider is supporting its clients in reducing their risk and building their resilience in a rapidly changing world, at no additional cost to these clients by introducing a new insurance coverage: “TomorrowStrong”.
The value-added endorsement is unique to Co-operators and available on eligible home and farm policies with no added premium charge. The coverage is designed to support the company’s ongoing commitment to community resilience. It provides eligible policy holders with up to CAD 3,000 for more weather resistant roofing upgrades and CAD 1,000 for preventative loss measures like security systems, sump pumps, or surge protectors.
“As insurers we have a responsibility to protect our clients and our communities. To do that we need to reimagine our approach to property insurance,” says Lisa Guglietti, Executive Vice President of Property and Casualty Insurance and Chief Operating Officer at Co-operators. “Climate change is causing increased severity and frequency of extreme weather and it’s unreasonable to expect our clients or communities, to face these threats alone. We need urgency and innovation to meet this challenge head-on because we’re past the point of just implementing mitigation or adaptation, the two are now inextricably linked.”
According to the Insurance Bureau of Canada (IBC) there was roughly CAD 3 billion in insured losses in 2023 alone. As this trend worsens, the affordability and protection gaps will grow, throwing the financial security of Canadian communities into peril. This is exacerbated by the immense waste issue that Co-operators says the insurance industry faces with this company alone disposing of more than 116,000 tonnes of waste related to property claims each year.
To address this issue, Co-operators is applying savings from the adoption of sustainable claims practices, proven to reduce waste and emissions, and instead of taking those savings to its bottom line, reinvesting in clients and communities with resilient solutions.
Where applicable, following an insured loss, *TomorrowStrong coverage provides reimbursement of up to:
CAD 3,000 for eligible resilient roofing upgrades: Roofing materials and installations that have a Class 4 impact rating (withstands hail up to 2 inches in diameter) and/or Class G or H wind rating (withstands winds of up to 193 kph and 241 kph) and a Class A Fire rating (fully fire resistant).
CAD 1,500 for the addition of hurricane straps: Metal connectors or fasteners that strengthen the connection between a roof truss and wall plate to prevent uplift.
CAD 1,000 for prevention following a loss: Installation of preventative measures such as but not limited to security system, sump pump, water alarm, and surge protector.
“We knew that to make a real difference for our clients and our communities, we had to start with a comprehensive review of our own processes,” says Tara Laidman, Vice President of Home and Auto Insurance at Co-operators. “Emissions and waste are fueling the climate crisis and if we simply rebuild following a loss to the same standard as before the damage occurred, we’re perpetuating a cycle. We needed to find a way to do better and that’s what makes this offering so unique.”
Co-operators is confident that its strategy is in line with what Canadians expect. According to a recent survey the organisation conducted, 73% of Canadians think that it’s important for companies to offer products and services that are sustainable and 72% think that reducing the use of natural resources in manufacturing is a critical action for companies to take to towards sustainability.
*Certain exclusions or conditions may apply
