IBC praises flood mitigation investment

IBC praises flood mitigation investment | Insurance Business Canada

IBC praises flood mitigation investment

The Insurance Bureau of Canada (IBC) has responded favourably to the federal government’s announcement of a $150 million investment into flood mitigation projects in the GTA area.

In a statement issued right after the federal disaster fund investment announcement, the IBC made special mention of the City of Toronto, the Regional Municipality of York, the Corporation of the City of Markham and the City of Vaughan. The municipalities, together with the federal government, have pledged over $400 million toward funding projects that would improve the flood resiliency of their respective communities.

Read more: Federal government pledges multi-million funding for GTA flood projects

“IBC and its members have advocated for and welcome the dedicated funding for stormwater infrastructure upgrades,” said IBC CEO Don Forgeron. “The property and casualty insurance industry continues to see the devastating effects of this new era of an unpredictable, changing climate.”

Forgeron added that insured damage from severe weather last year hit $1.9 billion – the fourth highest level of losses in Canada’s history.

“However, unlike the 1998 Quebec ice storm, the 2013 Calgary floods or the 2016 Fort McMurray wildfire, no single event caused the high amount paid out for losses in 2018. Instead, Canadians and their insurers experienced significant losses from a host of smaller severe weather events from coast to coast,” the CEO explained.

Read more: Ontario winter storm led to more than $48 million in insured damage

IBC said in a statement that it will continue to request that all levels of government increase their investment in disaster mitigation. The bureau will also remain a supporter for improved building codes, better land use planning, and incentives to encourage developers to stay away from flood-prone areas.