Canada one step closer to national flood insurance program
New Report Highlights Important Opportunity to Protect Canadians in High-Risk Flood Areas Through Public-Private Partnership
TORONTO, August 30, 2022 /CNW/ – Every year, thousands of Canadians experience financial loss due to extreme weather conditions. Given the gradual warming of the atmosphere and rising sea levels, current climate forecasts predict that an escalation in flooding, as seen over the past decade, will continue into the future. . Canada must increase its resilience to residential flood risks to keep people safe and mitigate the financial hardship that would come with large-scale uninsured flood damage.
Today, the federal government released the Flood Insurance and Relocation Task Force Report, Adapting to rising flood risks: an analysis of insurance solutions for Canada. insurance office Canada (LAC) commends the federal government and the Honorable Bill Blair, President of the Queen’s Privy Council for Canada and the Minister of Emergency Preparedness, for providing critical leadership in appointing the task force and guiding its work through to its conclusion.
from Canada Property and casualty insurers have the experience and infrastructure to support rapid and seamless implementation of a public-private flood insurance program. If implemented, this model could help close the insurance protection gap for the estimated 800,000 owners of Canada whose homes are at such a high risk of flooding that private insurance is either unavailable or unaffordable.
“The government of Canada now has the basic research needed to inform a national flood insurance program through a public-private partnership,” said Craig Stewart, Vice-President, Climate Change and Federal Issues, LAC. “We thank Minister Blair for his continued leadership and engagement with our industry on this important file. The insurance industry has been, and continues to be, at the forefront of this issue, addressing the overwhelming financial risk to Canadians due to the devastating effects of Insurers across the country are best positioned to support the government and homeowners with the best possible public-private insurance program and are fully prepared to continue to do so. federal and provincial officials demonstrates this. »
Over the past 15 years, weather-related insurance claims have more than quadrupled. The new standard for catastrophic losses insured in Canada has reached $2 billion each year, with water damage being responsible for most of the losses. IBC will continue to advocate for a national adaptation strategy that will translate into concrete, short-term actions to improve from Canada climate defense. Governments at all levels must act urgently to prioritize investments that reduce the impact of these severe weather events on families and communities.
About the Insurance Bureau of Canada
insurance office Canada is the national industry association representing from Canada private home, auto and business insurers. Its member companies represent the vast majority of the P&C insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, car and business insurance available to all Canadians. BAC supports the vision of consumers and governments that trust, value and support the private P&C insurance industry. He advocates for key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.
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SOURCE Insurance Bureau of Canada
For further information: Media Contact: Brett Weltman, Manager, Media Relations, IBC, 647-615-2745, [email protected]