IBC welcomes federal investment in flood mitigation in Fredericton

IBC welcomes federal investment in flood mitigation in Fredericton | Insurance Business

IBC welcomes federal investment in flood mitigation in Fredericton

The Insurance Bureau of Canada (IBC) has welcomed Prime Minister Justin Trudeau’s announcement of $11.4 million in federal funding to help protect Fredericton against flooding.

Speaking at the New Brunswick capital this week, Trudeau said that the money will be used to invest in flood mitigation projects – including the expansion of berms and wetlands and the improvement of floodgates. The investment is from the federal government’s $2 billion Disaster Mitigation and Adaptation Fund.

Read more: IBC welcomes Alberta’s decision to allow electronic pink slips

In a statement, IBC commended the federal government for providing new funding to help protect Fredericton and the surrounding community from future flooding. The insurance body said that the investment in transportation systems, municipal infrastructure, and the expansion of wetlands will help protect more than 27,500 residents.

“Over the past 11 years, Fredericton residents have been affected by three major floods,” said Craig Stewart, vice-president, federal at IBC. “As our climate changes, the frequency and intensity of severe weather events, such as floods, are escalating, driving the need for increased resilience to this new weather reality. Improved infrastructure, including the expansion of wetlands, helps protect communities from the physical and economic impacts of climate change. IBC and its members applaud the federal government’s investment in Fredericton.”

Stewart noted that insured damage from severe weather across Canada reached $2 billion in 2018 – the fourth-highest level of losses on record. In this light, IBC called on the federal government to continue to invest in initiatives that mitigate the future impacts of extreme weather and build resilience to its damaging effects.