Financial Resilience Institute
November 2, 2026
New Financial Resilience Institute Report: Insurance Protection Is Key to Financial Resilience Amid Increasing Extreme Weather Risks
Toronto, ON I November 2, 2026 - A new independent report from the Financial Resilience Institute (the Institute) reveals stronger evidence of the clear correlation between sufficient insurance protection and improved household financial resilience, with this report supported by Co-operators as a Founding Impact Funder of the Institute. The Institute’s October 2026 report, ‘Insurance Protection: An Essential Pillar of Financial Resilience’ complements its September 2026 report ‘The Impact of Extreme Weather Events on Financial Vulnerability for Households and SMEs in Canada’.
The Institute’s Financial Health and Resilience Index trended data and February 2026 Index analytics reinforce the October 2024 findings, revealing that having sufficient insurance protection is an increasingly important contributor to financial resilience, even compared to three years ago. Similarly, households affected by extreme weather events in the past two years are also more financially vulnerable than those not impacted, compared to two years ago.
The findings highlight opportunities for policymakers, financial institutions and insurers to strengthen access to appropriate protection solutions, proactive protection advice, practical help and risk management support.
Key Findings
- Sufficient insurance protection is clearly correlated with improved financial resilience outcomes, across every household income demographic and life stage.
Households that ‘completely agree’ they have sufficient insurance protection have a mean financial resilience score of 63.2 as of February 2026, with this 18.4 Index points higher than households reporting they do not have sufficient insurance protection. Households that ‘completely’ or ‘somewhat agree’ score 15.3 Index points higher than households not reporting this. Trended Index data tells the same story. - Protection gaps remain significant.
While 55% of households report they have sufficient insurance coverage to protect against the unexpected as of February 2026, 45% are not confident in this regard. - Financial vulnerability gaps have increased for households not reporting having sufficient insurance coverage compared to three years ago.
The mean financial resilience score of households reporting they have sufficient insurance protection increased from 56.9 in February 2023 to 60.1 in February 2026, compared to 53.3 for Canadians overall, with these households ‘Approaching Resilience’. At the same time, the mean financial resilience scores for households reporting they do not have insufficient insurance protection remained broadly flat, increasing from only 43.8 to 44.8, with these households ‘Financially Vulnerable’. Importantly, insurance protection is a particularly important contributor for Gen X Canadians based on the Institute’s Index data. - Access to insurance to improve one’s financial security over the past year has improved, while protection advice presents opportunities.
Households reporting that they could not access insurance to improve their financial security over the past year decreased from 7.1% in October 2024 to 5.4% in February 2026. - Advice to ensure the right protection provides value.
The 23% of households that report they met with an advisor over the past year to ensure they had the right protection products or policies had a mean financial resilience score of 60.4, compared to 51.1 for those who did not as of February 2026. A third of household’s overall report they lack confidence in the protection advice they receive to protect against the unexpected, highlighting opportunities for insurers, financial institutions and others to do more to help their customers to protect against the unexpected. - Extreme weather impacts household financial vulnerability, with protection gaps evident.
One in five households report being negatively impacted by extreme weather events over the past two years based on the Institute’s tracking, with a third of these same households reporting that this negatively impacted their financial situation. Households negatively impacted by extreme weather events had a mean financial resilience score of 49.3 as of February 2026, with these households ‘Financially Vulnerable’, compared to a score of 54.5 (‘Approaching Resilience’) for those not impacted. The delta, or ‘financial resilience gap’, between households negatively impacted by extreme weather events and those not increased from 2.9 Index points in February 2024 to 5.2 Index points in February 2026. Among households impacted by extreme weather events in the past two years, a significant 55% of them report they do not have sufficient insurance coverage to protect against the unexpected, up from 48% a year ago.
“Insurance protection is an essential pillar of financial resilience, yet too many households remain uncertain about whether they have sufficient coverage to withstand the unexpected,” says Eloise Duncan, Founder and CEO of the Financial Resilience Institute. “Our trended data shows a persistent and widening financial resilience gap between households with and without sufficient protection. As extreme weather and other financial shocks put pressure on individuals and households, these findings reinforce the need for more accessible, scalable protection solutions and trusted advice that respond to their unique financial circumstances and help to build financial resilience over time.”
Co-operators is also recognized as a leader in fostering financial resilience. Aligned with its purpose of creating financial security for Canadians and their communities, the co-operative insurer and financial services provider champions the findings of the report as a driver facilitating its commitment to help clients measurably improve their financial health and well-being.
“As extreme weather and other disruptions become more frequent and severe, it is essential that Canadians have access to resources and solutions that enhance their resilience, and help them navigate an increasingly uncertain world," said Rob Wesseling, President & CEO, Co-operators. "This research reinforces that insurance is more than protection from risk, it's a pillar of financial security. We're proud to partner with the Financial Resilience Institute and support their work in strengthening household resilience and helping to build a more secure future for all Canadians.”
About the Financial Health and Resilience Index
The Financial Health and Resilience Index measures individuals’ and households’ financial resilience, defined as ‘their ability to get through financial hardship, stressors and shocks resulting from unplanned life events’ at the national, provincial, segment, and individual household level for Canadians and insurance and bank customers, across nine behavioural, sentiment and resilience indicators. ‘Extremely Vulnerable’ households score 0 to 30; ‘Financially Vulnerable’, 30.01 to 50; ‘Approaching Resilience’, 50.01 to 70; and ‘Financially Resilient’, 70.01 to 100.
The February 2026 Financial Well-Being Study and Index data draw on a robust sample of 5429 adult primary financial decision makers from a representative sample of the population by household income, age, province and gender. Of these, 4655 were scored through the Institute’s Financial Health and Resilience Index Model, with a pre-pandemic baseline of February 2020 (MOE ±1.4%). More information about the Index indicators, scoring model and development methodology are available at: https://www.finresilienceinstitute.org/indicators-and-scoring-model/
About Financial Resilience Institute
Financial Resilience Institute is a non-profit organization and a leading independent authority on financial well-being in Canada and globally. Through its world-leading, peer-reviewed Financial Health and Resilience Index, the Institute has measured and proven the correlation between households reporting having insurance protection and improved financial health and resilience outcomes for Canadians: a world-first. It has also measured the impact of extreme weather events on households’ financial vulnerability for several years, with the latest data published in its complementary report ‘The Impact of Extreme Weather Events on Financial Vulnerability for Households and Small and Medium Enterprises.’
A world-leader in financial health and resilience impact measurement and evidence-informed policy and innovation, the Institute also harnesses its open-source Financial Well-Being Index for this report. It will soon publish baseline data on the Business Financial Health and Resilience of MSMEs (Micro and Small Medium Enterprises), including insurance protection and the impact of extreme weather events on business financial health and resilience in Canada. Based on its latest Index, this work will enable evidence-informed policy and innovation to strengthen financial health and resilience and overall resilience in Canada and other countries. For more information on the Institute’s impact work: www.finresilienceinstitute.org
About Co-operators
Proudly Canadian since 1945, Co-operators is a leading financial services co-operative offering multi-line insurance and investment solutions, as well as personalized services and advice to help Canadians build and maintain their financial security. With over $89 billion in assets under administration, it is renowned for its community involvement and efforts to create a more sustainable future. As a carbon-neutral organization, Co-operators is committed to achieving net-zero emissions in its operations and investments by 2040 and 2050, respectively. Co-operators is recognized as one of Canada’s Top 100 Employers and is ranked among the country’s Best 50 Corporate Citizens by Corporate Knights.
Financial Resilience Institute Media Relations:
Katie Sutter, Senior Impact and Engagement Consultant
Financial Resilience Institute
Email: katie@finresilienceinstitute.org
Co-operators Media Relations:
media@cooperators.ca
Source: Financial Resilience Institute, ‘Insurance Protection: An Essential Pillar of Financial Resilience’ Intelligence Report (October 2026.) The full report and report highlights are here with this building on the ‘Protection as a Pathway to Financial Resilience and Financial Well-Being’ report (January 2025).
Source: Financial Resilience Institute ‘The Impact of Extreme Weather Events on Financial Vulnerability for Households and SMEs in Canada ‘ (September 2026). The report is here.
Data is based on the Institute’s February 2023 to February 2026 Financial Health and Resilience Index Model and Financial Well-Being Studies, Seymour Financial Resilience Index ® The peer-reviewed Financial Health and Resilience Index measures financial resilience, i.e. one’s ability to get through financial hardship, stressors and shocks as a result of unplanned life events, across nine behavioural, sentiment and resilience indicators at the national, provincial and individual household levels.
Data analytics are based on a sample size of 5429 survey respondents for the February 2026 Financial Well-Being Study from a representative sample of the population by household income, age, province and gender MOE +/- 1.4%.
Extremely Vulnerable’ households have a financial resilience score of 0 to 30; ‘Financially Vulnerable’ a score of 30.01 to 50; ‘Approaching Resilience’ a score of 50.01 to 70, and ‘Financially Resilient’ a score of 70.01 to 100.
Canadians can get their individual financial resilience score based on the Institute’s Financial Health and Resilience Index linked to independent articles and resources here.
Seymour Financial Resilience Index ® is a trademark used under license by Co-operators and the Financial Resilience Society.
© 2026 Financial Resilience Society. All rights reserved.