GRI Summit 2025 Physical Climate Risk-Adjusted Models: Moving from Theory to Reality

closeup of 3 presenters sitting on chairs with one speaking

Insurance, Banking and Market-Based Adaptation Strategies for a Changing Climate

This breakout session explored how Canada’s insurers, banks, and researchers are embedding climate science into financial risk models. Kathryn Bakos from the Intact Centre on Climate Adaptation spoke about record catastrophic insured losses in Canada of $9.1 billion in 2024. Jean-Philippe Daigle from Desjardins described insurers’ dual role of absorbing climate losses while helping clients build resilience. Josh Picov from CIBC said banks lag in pricing climate risk, and urged greater collaboration among insurers, banks and government.

Kathryn Bakos

Managing Director, Finance and Resilience, Intact Centre on Climate Adaptation

As Managing Director, Climate Finance and Resilience at the Intact Centre on Climate Adaptation, Kathryn’s work is driving novel insights at the intersection of climate change and finance.  Kathryn’s work includes pioneering research to quantify the impact of flooding on Canada’s residential real estate sector and mortgage markets and developing innovative frameworks to mitigate risk and embed climate preparedness into decision-making for investors.  Kathryn’s work has had national and international influence, informing all levels of government, regulators, supervisors, investors, financial institutions, communities, and homeowners on how to adapt more effectively to a changing climate. Kathryn’s international efforts focus on regions like Sub-Saharan Africa, Southeast Asia, and South America. 

Kathryn holds an Honours Bachelor of Science from the University of Toronto and Master of Environment and Business degree from the University of Waterloo. Kathryn also holds the Canadian Securities Course certification.  In her previous role with an affiliate of Raymond James Financial, Kathryn integrated Environmental, Social and Corporate Governance (ESG) factors into investment portfolios, led business analysis, and developed advisory and client platforms across Canada and the United States.

Kathryn is a Ted Talk speaker, 2023 recipient of Clean50’s Emerging Leader award and chair of the Ontario Biodiversity Council. She is also a member of the Canadian General Standards Board, CAN 9700-700 Managing Environmental, Social and Governance (ESG) Criteria, ISO 331 Biodiversity Mirror Committee, Canadian Association of Farm Advisors and more.

Josh Picov

Executive Vice President, Global Operational and Enterprise Risk, CIBC

Since joining CIBC in 1998, Josh Picov has held progressively more senior client and functional group roles across the bank.

As Executive Vice-President of Global Operational & Enterprise Risk Management, Josh’s team provides non-financial risk leadership. His team is responsible for CIBC’s global operational risk including cyber, technology, people and operational processes. In addition, his team provides independent risk and on-going strategic direction for CIBC’s risk function and the Risk Management Committee of CIBC’s board of directors.

Before re-joining Risk Management, Josh was a senior executive within Personal & Business banking, with responsibilities that included leading nearly 200 branches with over 2,500 team members for the eastern region of Ontario. Josh was also responsible for client strategies for retail banking and the integration of Costco members following CIBC’s acquisition of Costco’s credit card portfolio in 2022.

Josh has also held various client facing roles in CIBC’s capital markets, wealth management, office of the CEO and retail banking groups where he was involved in a variety of banking, transactional and advisory roles, as well as support roles in CIBC’s risk management, internal audit and process engineering divisions.

Josh is committed to his community. He is a board member of the University Health Network Foundation (UHN) in Toronto, including Chair of the Audit Committee and a member of the finance and HR committees. He is also the champion for UHN’s Digestive Health Program.

Josh has a Bachelor of Arts (Economics) from York University, along with a Master of Business Administration (Finance and Accounting) and a Masters Certificate in Financial Services Leadership from the Schulich School of Business at York University.

He resides in Toronto with his wife and children.

Jean-Philippe Daigle

Chief Risk Officer, Property and Casualty Insurance, Desjardins

Jean-Philippe Daigle currently serves as Vice President and Chief Risk Officer for Desjardins’ Property and Casualty Insurance subsidiaries. He brings nearly 20 years of experience in the P&C insurance industry.

Before joining Desjardins, he held several senior leadership positions at iA Financial Group, including Vice President of Finance, Corporate Actuarial and Risk Management, and Appointed Actuary for its P&C subsidiaries.

He holds a Bachelor’s degree in Actuarial Science from Université Laval and is a Fellow of both the Canadian Institute of Actuaries (FICA) and the Casualty Actuarial Society (FCAS).

Jean-Philippe is also actively involved in both the industry and the community, serving on the boards of the Facility Association and the Orchestre symphonique de Québec.