Canadian financial services and insurance
co-operative sheds light on efforts to catalyze a sustainable,
climate-resilient Canada
GUELPH,
ON, May 13, 2024 /CNW/ - In a year marked by
financial volatility and a worsening trend of climate-related
events, Co-operators highlights in its 2023 Integrated Annual
Report a need to develop and invest in collaborative, innovative
solutions to the challenges faced by Canadians.
While challenged by significant underwriting losses in its
property and casualty line of business, driven in part by increased
claims costs due to the high inflationary environment, buoyed in
part by strong investment returns the Canadian financial services
co-operative and insurer reported a net income before tax across
its group of companies of $310.6
million, maintaining its strong capital position. Driven by
its purpose of "Financial security for Canadians and our
communities", Co-operators has leveraged this strength to invest
significantly in climate solutions, community resilience, and the
net-zero, sustainable economy.
In addition to $2.77 billion
paid in claims and benefits to its clients in 2023,
Co-operators directed a sizable proportion of its capital to build
the sustainability and resilience of Canadians. By the end of 2023,
48.4% of its invested assets – or $5.90
billion – was invested in climate transition and impact
investments that provide strong financial returns and positive
social and/or environmental impacts that can be adequately
measured, tracked and reported. Co-operators has committed that
by 2030, 60% of its portfolio will be in impact, climate
transition or resilience investments, and that by no later than
2050, its investment portfolio will be net zero aligned.
Co-operators highlighted efforts to seed a new resilience
investing market in Canada,
mobilizing private capital to build much-needed climate adapted
infrastructure, and to strengthen household, community, and
ecosystem-level resilience. To ensure this work is built with
insights from and in collaboration with Canadian communities,
Co-operators partnered with ICLEI Canada and ten Canadian
municipalities from coast to coast on the Financing Resilient
Infrastructure Project, where participating municipalities
identified a suite of possible resilient infrastructure projects
that private investors could help realize.
"Our industry and indeed all of society is reckoning with the
impacts of climate change; impacts that will worsen unless we move
to better protect our communities. As insurers, our business models
need to expand to include a greater focus on resilience," says
Rob Wesseling, President and CEO
of Co-operators. "We need creative, whole-of-society
partnerships and imaginative ideas that confront the climate crisis
head on, because every day and every year that we don't move
forward with substantial action increases the risks and the costs
to society."
Co-operators asserts in its report that its "investment and
asset management practices can help shift the economy toward one
that supports sustainable, resilient communities." By directing its
financial strength toward mitigating and adapting to the climate
crisis, and advocating for others to do the same, the Canadian
co-operative aims to mobilize a targeted, coordinated effort to
de-risk our society while supporting the environmental, social, and
financial fabric of Canada.
The Integrated Annual Report serves as Co-operators' Public
Accountability Statement and is made available to all members,
clients and the public.
For the full report, visit
integratedreport.cooperators.ca
Detailed information on climate-related milestones, governance,
strategy, risk-management and targets and metrics, can be found in
Co-operators Climate Report at
cooperators.ca/reports
Highlights from Co-operators 2023
Integrated Annual Report
Access to financial services in times of financial
volatility
$2.75 billion
in retail wealth assets under management and administration,
offering a wide range of investment solutions that don't exclude
lower-income Canadians.
Investments for a sustainable, climate-resilient
future
$5.90 billion
invested in impact and climate transition investments.
Insurance designed for a changing climate
700,000
Canadian households are covered by Comprehensive Water,
Canada's first and only product to
provide access to flood insurance for all flood risk levels,
including storm surge in coastal areas.
Social impact
$12.2 million
contributed to organizations building environmental resilience,
enriching social wellness, creating a more inclusive economy and
championing a co-operative society.
About Co-operators
Co-operators General, a leading
Canadian multi-product insurance company, is part of The
Co-operators Group Limited (Co-operators). Co-operators is a
leading Canadian financial services co-operative, offering
multi-line insurance and investment products, services, and
personalized advice to help Canadians build their financial
strength and security. Co-operators has more than $64 billion in assets under administration.
Co-operators has been providing trusted guidance to Canadians since
1945. The organization is well known for its community involvement
and its commitment to sustainability. Achieving carbon neutral
equivalency in 2020, the organization is committed to net-zero
emissions in its operations and investments by 2040, and 2050,
respectively. Co-operators is also ranked as a Corporate Knights'
Best 50 Corporate Citizen in Canada. For more information, please visit:
www.cooperators.ca.
Media requiring further information and/or interviews, please
contact:
Co-operators Media Office
media@cooperators.ca
SOURCE The Co-operators Group Limited