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 a change in its approach, the company risks being left behind as peers, regulators, and markets align with net zero.
