TD Insurance has teamed up with the Institute for Catastrophic Loss Reduction (ICLR) to launch the latest iteration of a program that offers strategies to minimize risks associated with extreme weather events.
The newest Showcase Home initiative coincides with the growing threat of urban flooding in Canada. According to data from CatIQ, basement flooding and water-related incidents from the past year resulted in more than a billion dollars in property damage.
Responding to the increased risk brought by intensifying weather events, TD Insurance and ICLR retrofitted homes in Edmonton, Alberta to help reduce the potential impact of basement flooding.
The partnership also seeks to raise awareness among Canadians living in high-risk areas nationwide.
“Extreme rainfall is a top disaster driver in Canada,” said ICLR founder and executive director Paul Kovacs. “Governments and homeowners should act to protect Canadian homes from the effects of extreme rainfall-related flooding. Working together, insurers, governments, and households can significantly reduce the risk of urban flood impacts.”
Participating households received complimentary flood risk assessments before the commencement of the project, a news release about the initiative stated. The assessments were provided through EPCOR’s free inspection program.
ICLR also collaborated with homeowners and local contractors to implement sewer backflow protection measures, enhance lot grading and drainage, maintain existing basement flood protection systems, and identify available subsidies.
"We are proud to collaborate on this project with ICLR to help homeowners understand the simple steps they can take to protect their homes from water damage,” said Jason Thacker, senior vice president of claims, fraud, litigation & vendor management at TD Insurance. “Flooding in urban areas is an issue that extends across Canada. We’re committed to helping Canadians understand and reduce their climate-related risks.”
TD Insurance’s partnership follows the establishment of its advisory board on climate change. This board includes experts from Canadian universities and Engineers Canada, who help guide the company’s efforts as a signatory to the UNEP FI Principles for Sustainable Insurance.
What are your thoughts on this story? Feel free to comment below.
