In its Fifth Assessment Report, the Intergovernmental Panel on Climate Change (IPCC) concluded that there is an overwhelming scientific consensus that Earth's climate system is warming and that human activities are mainly responsible for the change. In recognition of this growing need for urgency, the development of climate change policy, both within Canada and around the world, continues to advance. However, the policy landscape remains fragmented. Within the financial community, new risk valuation frameworks are being assessed, which will have implications for companies and investors. The reality of climate change, and the associated extreme weather events it brings, is presenting a fundamental challenge to the insurance industry's underlying business model. Anticipating and responding to these developments is central to good climate change governance and leadership.
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