It is definitely a contradiction within their business models. In 2023, the top seven Canadian P and C companies, or their parent companies, invested over $19.5 billion in fossil fuels.
Fairfax Financial, a Canadian-headquartered global insurer, is the third-largest insurer of fossil fuels globally. It is investing in and funding the causes of the need for increased adaptation and contributing to the pressure that the industry is facing because of extreme weather.