Natural Catastrophes and Climate-related Risks: Consultation Summary Report Available

BCFSA recently released the findings from its 2023 consultation on natural catastrophes and climate-related risks (“NCCR”) and the impacts of these risks on each of the segments BCFSA regulates.

In July 2023, BCFSA launched a consultation with the release of a discussion paper, and invited input from regulated entities, individuals, stakeholders, and the public. Comments were submitted in writing and via an online consultation feedback form. The consultation closed on November 30, 2023. In total, BCFSA received approximately 300 submissions as well as additional feedback on segment-specific issues through meetings with industry associations and stakeholders.

“We were very pleased to see the level of engagement from B.C.’s financial services sector on this consultation,” said Blair Morrison, CEO of BCFSA. “Natural catastrophes and climate-related risks are threatening British Columbians today, and BCFSA is looking forward to undertaking next steps and doing its part to help mitigate the significant impacts of these risks.”

The Consultation Summary Report includes an overview of the consultation process, a summary of feedback, key elements of BCFSA’s approach, and next steps.

The report includes four key areas of focus:

• Enhancing climate risk governance;
• Addressing physical risk;
• Improving consumer awareness; and
• Monitoring insurance availability.

Additional Information

To learn more about the consultation, and the potential impacts of climate change on B.C.’s financial services sector and consumers, please visit:

• BCFSA’s Consultation page;
• BCFSA’s brief video introducing the consultation; and
• The Discussion Paper including discussion questions for each of the segments BCFSA regulates.

BCFSA thanks those who took the time to participate in the consultation. The feedback received during the consultation has provided valuable input to inform BCFSA’s approach to NCCR.