The seven largest Canadian property and casualty insurance firms collectively invested about $19.5 billion in oil and gas assets in 2023, according to a report from Investors for Paris Compliance, a shareholder group that pressures companies to follow through on net-zero targets. (The Logic)

Talking point: The report criticizes property and casualty insurance companies for hiking rates as they’ve faced more climate-related claims. From 2013 to 2023, home and mortgage insurance rates increased by 73 per cent, or 36 per cent after adjusted for inflation. “The industry is engaging in a major contradiction,” said Investors for Paris senior policy analyst Kiera Taylor in a press release. The group said governments are left to pay for infrastructure damage from climate change, “potentially increasing the long-term financial load on taxpayers.” Some of the insurers named in the report, including Intact Financial and TD—the latter of which made nearly three-quarters of all fossil fuel investments among insurers, according to the report—rejected the findings and defended their climate policies.