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Evolution: what changed – climate and technology

As a result of climate change, Canadians are experiencing weather-related events for which home, auto and business insurance was not originally intended to cover to the extent that it is today. These weather events are occurring with greater frequency and impact than ever before. We have also seen water damage now surpass fire as Canada’s leading cause of personal property claims.1

Insurance, Climate and Technology

The way we build houses and design automobiles continues to change to provide efficient, greener and safer options for consumers. While we’ve made major strives in both areas, in the last 30 years, the energy efficiency in homes has improved four times more than the features available in cars.2 Whether it be to prevent damage to our homes or reduce risk while driving, as design and technology evolve, the insurance we need to protect the things we care about needs to as well.

From a technology perspective, the threat of cyber risk in Canada is growing. Businesses that handle or store any confidential customer or employee data should be aware that they could be a target. As an individual, technology is making it easier for thieves to steal your personal identity – but it can take months or even years to restore your good name, credit rating and legal standing.

To understand the details of what your home, auto and business insurance policy covers, review your policy or speak to your insurance broker.

Insurance Fact

Did you know? Today, a home’s total energy use is 66% less than the same house built in 1975. This includes energy used for all purposes – heating, lighting and everyday living.

1. Source: IBAC “Keep your home dry” 

2. Source: CHBA