TORONTO, July 10 (Reuters) - Canada's top property and

casualty insurers have invested more than C$19.5 billion ($14.30

billion) in fossil fuels production at a time when climate

change is driving up risks for the industry, according to a

report by a shareholder advocacy group.

Investors for Paris Compliance (I4PC) called for regulators

to examine fossil-fuels investments by the insurers, saying they

result in higher claims and premiums.

Insurers typically invest premiums on behalf of other

clients and have pumped money into miners and oil companies

including Canadian miner Teck Resources ( TECK ) and Imperial

Oil ( IMO ), the report said.

I4PC has previously urged securities regulators to

investigate major Canadian banks for their climate-related

claims and for alleged misleading disclosures about their

investments.

Extreme weather, including wildfires in Western Canada and

floods on the East Coast, resulted in more than C$3 billion in

property claims last year, the fourth-highest year for insured

losses in Canadian history.

According to I4PC's report, Intact Financial ( IFCZF ) held

C$1.48 billion in fossil-fuel investments last year, which

dropped to C$742 million at the end of the first quarter. Asked

about the finding, Intact said energy represented about 2% of

its invested assets and it was committed to achieving net-zero

emissions by 2050.

Quebec-based credit union and insurance seller Desjardins,

which the report said owns C$298 million in fossil-fuel

investments, said energy accounted for 0.6% of its loan book and

that it would maintain relationships with companies that commit

to reducing their greenhouse gas emissions.

Peer Definity Financial ( DFYFF ) also holds fossil-fuel

investments.

TD Bank, a lender that also sells insurance, is the

largest fossil-fuel financier at C$15.47 billion, while Fairfax

has C$1.53 billion in investment and has underwritten C$809

million.

Definity and Fairfax did not respond to requests for

comment.

TD said the report "contrasts the investment profile of TD

Bank Group as a whole with those of insurance companies with

more focused mandates, which affects the conclusions drawn."

The cost of insurance has risen amid higher risk and

inflation. Home and mortgage insurance rates in Canada have

jumped by more than 73% over the past decade, according to I4PC.

I4PC has asked insurers for a transition plan to lower

exposure to fossil fuels and to disclose those plans.

($1 = 1.3634 Canadian dollars)