Wawanesa joins PCAF to measure financed emissions ahead of OSFI climate disclosure deadlines

Wawanesa Insurance has joined the Partnership for Carbon Accounting Financials (PCAF), a global industry standard for measuring greenhouse gas emissions tied to financial activities. The mutual insurer plans to measure and disclose emissions across a defined portion of its portfolio within three years, using PCAF methodologies. This move aligns with OSFI's Guideline B-15, which requires Canadian insurers to report financed and insurance-associated emissions, with full Scope 3 disclosure due by fiscal 2028 for smaller and mid-sized firms. The announcement comes as Canadian insurers face rising physical climate losses, with insured damage from severe weather reaching over $2.4 billion in 2025 and $37 billion in total over the past decade. While PCAF membership focuses on transition risk and financed emissions, regulators and industry bodies increasingly treat physical and transition risks as connected. Wawanesa's three year runway to measure emissions gives it time to build data readiness before OSFI's deadlines kick in for mid sized insurers.