Environment committee  I'm not able to speak to any specific investment or any specific policy that's been underwritten by our members. That's under the Competition Act. I can't speak to that. However, when you're talking about the focus on, in particular, the physical risk and the threat and the challenge that we face from a pricing perspective, I think that's very real.

Environment committee  When we look at our members and we look at, in particular, the work we have been doing with OSFI on climate risk disclosure, which I think is incredibly important.... In March 2023, OSFI finalized its draft guideline on B-15, and it established its expectations for climate-related risk disclosures.

Environment committee  We are exceptionally concerned about this trend line. We are exceptionally concerned about the conditions we're seeing. Even just today, the Canadian hurricane centre released its expectations of the forthcoming hurricane season, which they noted would be “significant” or “very active”, and that aligns with what we've seen out of the U.S., as announced just days ago.

Environment committee  If I look at what we have worked on with respect to the green taxonomy, as an example, we think it's important both to reduce emissions and to ensure we are adapting to climate change. The way we put it is that, because the country is becoming riskier, we need to play offence and we need to play defence.

Environment committee  I couldn't speak to divestment on behalf of our members. The property and casualty insurance industry has worked very closely with OSFI, our federal regulator, on B-15 guidelines to ensure that we are appropriately prepared for climate-related risks, in particular, physical risks.

Environment committee  Sure. Thank you for the question. I think the trend line in Canada is pretty clear. We're seeing an increase in frequency and severity of extreme weather events as a result of climate change. We're seeing.... I mentioned in my remarks the comparison to 2016 and the Fort McMurray fires, also noting that it's a community that has had evacuation orders to neighbourhoods just days ago, actually.

Environment committee  Thank you, Chair. I'm pleased to be here today on behalf of the Insurance Bureau of Canada and its members to speak about our advocacy on climate change as it relates to the impacts on the Canadian financial system. IBC is the national industry association representing home, auto and business insurers.

Public Safety committee  No.