Resilient World Institute (RWI)
Understanding the technology solutions needed for a sustainable future
C101 Climate Change Management for Small and Medium Businesses
Climate change is increasing the risk to businesses in Ontario of damage to property, infrastructure and assets that potentially could cost business owners millions of dollars. Large natural disasters are not a future problem: they are happening now and costing property owners a great deal of money. While deaths and injuries from natural disasters are going down, property damage and disruption is ramping up. In the Canadian property insurance industry, a catastrophe is defined as an event costing $25 million or more in insured losses. From 2009 to 2018, total insured losses exceeded $17 billion. This does not include all the other events where damages cost less than $25 million, nor day-to-day weather-related claims or uninsured damage—which are both considerable.
Many businesses are vulnerable to flood but are not aware of it. This is partly because people often believe that flooding is a phenomenon associated only with rivers and streams. But flooding can happen virtually any place where heavy rainfall can occur–and that’s certainly all of Ontario. For instance, in July 2013, Toronto and surrounding areas were hit by a monumental rainstorm. Storm cells moved slowly across the city dumping over 10 centimeters of rain on Pearson Airport in just two hours. More than 21,000 basement flood claims were filed as a result of damage in Toronto and the eastern GTA. Insured losses exceeded $1 billion making the event one of the costliest disasters in Ontario history—surpassing the 2005 Toronto flood that caused extensive damage in northern areas of the city.
The one-day course on climate change management offered by RWI in collaboration with the Institute for Catastrophic Loss Reduction (ICLR) in Toronto, will provide attendees with the knowledge and tools that will enable small and medium size businesses to reduce their vulnerability to climate hazards including floods.