Insurance Bureau of Canada statement: IBC welcomes the federal government's leadership on Canada's first National Flood Insurance Program
OTTAWA, ON, March 28, 2023 /CNW/ - In today's federal budget, the federal government announced the intention to stand up Canada's first National Flood Insurance Program to protect Canadians at highest risk of flooding. Celyeste Power, President & CEO, Insurance Bureau of Canada (IBC), issued the following statement in response:
"Today's funding from the federal government will help ensure all homeowners, regardless of their risk, have access to affordable flood insurance. This is a major step forward, and critical to protecting homeowners across the country, even those at high risk of flooding.
Canada now joins the UK, US and most other G7 countries in announcing a government-backed insurance program in collaboration with Canada's property and casualty (P&C) insurance industry.
Flooding is Canada's greatest climate-related risk. Over 1.5 million households are highly exposed to flooding according to the final report of the Task Force on Flood Insurance and Relocation in August 2022. The new program will consider damage from storm surge, as experienced across Atlantic Canada during Hurricane Fiona, riverfront flooding, as experienced during the eastern Canada floods in 2017 and 2019, and urban overland flooding.
The P&C insurance industry has been pleased to work with governments over the past five years on a solution to flooding and we are eager to roll up our sleeves to start implementing the program. We welcome Finance Canada's intention to find solutions to earthquake insurance and other climate-related protection gaps.
IBC looks forward to working in close collaboration with the federal government and the provinces and territories to establish the country's first national flood insurance program within the next 24 months."
About Insurance Bureau of Canada
Insurance Bureau of Canada is the national industry association representing Canada's private home, auto and business insurers. Its member companies make up the vast majority of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.
For media releases and more information, visit IBC's Media Centre at www.ibc.ca. Follow us on Twitter @InsuranceBureau and like us on Facebook. If you have a question about home, auto or business insurance, contact IBC's Consumer Information Centre at 1-844-2ask-IBC.
SOURCE Insurance Bureau of Canada
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