As climate disasters like floods and wildfires grow more severe, home insurance costs in Ontario are rising fast. Premiums have increased by 84 percent in the last decade. People across the province are paying more for insurance and getting less coverage. It’s also very difficult to get information about how insurance rates are set or find out what insurance companies are doing to address the climate crisis.
This week, I joined my colleagues MPP Peter Tabuns and MPP Sandy Shaw in writing to Finance Minister Peter Bethlenfalvy and the Financial Services Regulatory Authority of Ontario, calling on them to investigate the impact of climate change on Ontario’s home insurance system.
We’re asking for public reporting on rate hikes, flood and fire risk data, and insurance companies’ climate transition plans.
Home owners should have affordable and comprehensive insurance, and insurance companies have a responsibility to provide a good product and do their part to tackle the climate crisis.
Read the letter here.