Weather & Science
Insurance Czar Has ‘Harsh’ Message About Climate: You May Just Have to Move
- ‘That is the reality of climate change’: financial regulator
- Canada has been hit by succession of costly natural disasters
A burnt vehicle after a wildfire in the Baie-James region of Quebec, Canada, on June 10.
Photographer: Brett Gundlock/BloombergThis article is for subscribers only.
The soaring cost and difficulty of insuring against climate risks may force people to relocate, the head of Canada’s main financial regulator warned.
Rising damages from extreme weather don’t seem to be a regulatory problem, but rather a cost problem, Peter Routledge, the country’s superintendent of financial institutions, told an audience in Vancouver.