Canadian mutual insurer Wawanesa has launched two new insurance products to help its Canadian customers increase the climate resilience of their homes.
The two products, which are being made available by Wawanesa through independent insurance brokers, are Stronger Home coverage and Eco-Friendly coverage.
Stronger Home covers the cost of more resilient materials to be used on roofing repairs or replacement when a loss occurs. Eco-Friendly will pay out for the increased cost of repairing or replacing a property with Energy Star rated products and eco-friendly materials when a loss occurs.
Last year Canadian insurers paid out over CA $2.1bn collectively for climate-related disaster damage.
Wawanesa, the largest property and casualty mutual insurer in Canada, has been working with Climate Proof Canada, Nature Force, the Institute of Catastrophic Loss Reduction, and the Insurance Bureau of Canada to advocate for greater climate resilience nationally.
Its president of Canadian property and casualty operations, Carol Jardine, said: “As a mutual company, we believe we have a responsibility to help our customers be more resilient and aware of how we can reduce the impact of climate change on our homes, communities and planet.
“These new products will help Canadians better adapt to severe weather associated with climate change and mitigate damage to their property.”
She added: “We have been helping our customers recover from disasters for over 125 years and we are proud to step up with our broker partners and help more Canadians learn how they can protect their homes from the risks of climate change.”