Delivering on-the-ground claims support in times of need
In 2024, significant climate-related events and elevated, persistent auto theft resulted in higher-than-expected claims costs across the industry, resulting in substantial financial impact to our business, clients and communities, and the entire insurance industry. Despite this impact, our organization remains well-capitalized and financially stable, enabling us to fulfil our promise and continue delivering on our purpose: financial security for Canadians and our communities.
Total claims and benefits paid by type
Property damage* 45%
Collision repair 27%
Injuries 13%
Death and disability 7%
Medical and dental 4%
Other 4%
*Fire (37%); water (28%), wind, hail, ice (19%); theft, vandalism (12%); other (4%)
The rising costs of climate change
The past year shattered records for severe-weather-related losses to the insurance industry in Canada. According to Catastrophe Indices and Quantification Inc. (CatIQ), extreme weather events incurred $8.5 billion in insured losses in 2024. Find out how we’re taking climate action.
Embracing circularity in our claims process
The insurance industry has a waste issue: construction and demolition waste are one of the largest contributors to municipal solid waste in Canada, and insurance claims-related construction, demolition and renovation contribute to this. To help catalyze change to address these issues, we have embedded circularity into the way we handle claims, and are exploring how to further catalyze it in our industry through ongoing collaborations and partnership.
Claim Changers
Find out how we are reducing waste through our circular claims processes.
Protection in a world of risk
We’re driven to design and deliver solutions that prevent and protect against the evolving risks in a world of rapid change.
In 2024, we launched a new resilience-enhanced insurance coverage: TomorrowStrongTM, which expands beyond traditional insurance models to help clients rebuild with resilience.
In 2024, we launched new coverage options that are rooted in the principles of Inclusion, Diversity, Equity and Accessibility. New coverage options include:
- Family Building Benefits that help employees grow their families in ways that are most meaningful to them.
- Gender Affirmation Benefits that support gender-diverse employees with their transition journey.
- Indigenous Health Benefits that offer care rooted in Indigenous cultural knowledge and traditional healing practices.
- Weight Management Benefits that support employees on their wellness journey.
Resilience-enhanced insurance
Find out how we're helping clients rebuild with resilience.
Customized pathways to financial security
We work to set clients up with the tools and information they need to progress along their personal pathways to financial security and resilience.
“Every client has a unique set of needs. We work closely with our clients to gain insights and metrics that allow us to design a comprehensive financial plan that will align with their goals and help build their financial resilience."
Josee Brisson, Co-operators Financial Advisor and Mutual Fund Investment Specialist, Ottawa, Ontario
Improving the financial resilience of young Canadians
We launched our own financial literacy program, Planning for Life’s Milestones, aimed at giving Canadians the financial knowledge and tools they need to navigate moments of big change.
Asset management for a sustainable, net-zero future
Co-operators, through its asset management company Addenda Capital, manages over $40 billion in assets. We are committed to mobilizing our financial strength and stewardship activities to catalyze the transition to a sustainable, resilient, net-zero-emissions economy.
We’ve committed to having 60% of our assets invested in impact, resilience or climate transition investments by 2030.
We’ve invested $7.05 billion in impact and climate transition investments. Download the report to find out how we’re investing for impact, climate transition, and resilience.
Impact investing by the numbers
Impact investments create both compelling financial returns, and positive social and environmental impacts that are measured, tracked, and reported.
There is an urgent need to accelerate adaptation efforts in our communities to reduce the impacts of worsening physical climate risk. We are working with municipalities, Indigenous partners, scientists and businesses to find opportunities that will accelerate the development of climate-resilience projects in Canada. Download the report to find out how we are investing for resilience.
Mobilizing markets towards a sustainable economy
Our asset management company, Addenda Capital, takes a sustainable-investing approach to deliver positive, long-term investment outcomes for clients, and drive positive outcomes for our planet and society.
“As an asset manager, we believe in going beyond reducing the financed emissions of our clients’ investment portfolios. By engaging with portfolio companies, we can position net-zero strategies as a long-term competitive advantage and help drive the change in the real economy. We can encourage others to follow suit, and use our stewardship, advocacy and influence to work with clients to effect real, positive transformation."
Roger Beauchemin, President and Chief Executive Officer, Addenda Capital Inc.
Asset management solutions
Through Addenda Capital, we offer specific sustainable and impact solutions that support the transition to a more sustainable future.
Impact Fixed Income Fund
This fund is designed to generate positive social and environmental impact while seeking income and long-term capital growth. This fund invests in areas that support climate change, healthcare, education and resilient communities.
Climate Transition Strategies
Through these strategies, we engage with public companies that share our drive for a net-zero emissions society. With both Canadian and international securities, we engage companies through action plans to ensure they are meaningfully contributing to a resilient, net-zero-emissions society by 2050.
Fossil Fuel Free Global Equity Pooled Fund
This investment approach is designed for clients who wish to fully divest their portfolios from fossil fuels, while aiming to generate compelling financial, risk-adjusted returns.
Eco-Social Commercial Mortgages Pooled Fund
This fund aims to support Sustainable Development Goals adopted by the UN to improve the world by 2030. This fund invests in areas that include affordable housing; green buildings; under-represented groups; cultural, non-profit and community facilities; and health and education.
How we’re advocating for change
We actively engage in stewardship and advocacy as an investor and asset manager to grow our economy, support an orderly transition towards net zero, protect the biodiversity and well-being of our ecosystems, and drive positive societal outcomes.
Download the report to find out how we’re advocating for change
Embracing new horizons
As the world changes, we change with it. To ensure that our products and services meet the evolving needs of our clients, we continuously explore new and emerging business models, and seek opportunities to expand the products and services we offer.
“A market shift is happening, with more and more consumers relying on embedded digital purchasing options. We’ve been around for nearly 80 years, constantly exploring innovative ways to deliver our products to more than a million Canadians. With that confidence, we knew there was no other insurer better equipped to deliver this embedded solution and embrace this trend.”
Steve Phillips, Executive Vice-President, Emerging and Adjacent Business Models
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