This memo provides the first in-depth assessment of climate risks at Prem Watsa’s Fairfax Financial. The company has yet to address its major climate risks, with no net-zero commitment, no financed emissions disclosure, and no policies targeting climate alignment.
Fairfax incurred $587 million in catastrophic losses over just three months in 2024, contributing to Canada’s record-breaking $7.7 billion in insured losses for the year. As these losses continue to mount, Fairfax has an opportunity to shift from climate laggard to leader. Without an change in its approach, the company risks being left behind as peers, regulators, and markets align with net zero.
