Severe weather is everyone's problem.
Working together on adaptation is the solution, IBC CEO says.
SAINT JOHN, NB, Feb. 22, 2012 /CNW/ - Don Forgeron, President & CEO of
Insurance Bureau of Canada (IBC), was in Saint John today to talk about
an issue that he believes has become everyone's problem: severe
weather, with an emphasis on water. In an address to the Saint John
Board of Trade, Mr. Forgeron said that water and the problems it
creates belong to all of us. It's everyone's issue. "Severe weather
matters to all of us. It's playing out dramatically on global,
national, and neighbourhood stages. So why do we care? Insurance
premiums and taxes are not the solution to this problem. No. We need
a collaborative effort and insightful public policy. As a society, as
businessmen, and as neighbours, we need to join together."
He cited examples:
Water losses in New Brunswick rose from $7 million in 2005 to $23
million in 2009, almost quadrupling in just four years.
Flooding and water damage are tearing apart communities - places like
St. George and St. Stephen - where New Brunswickers work, play, go to
school and deserve to live in safety.
Multi-billion dollar disasters are becoming more common around the
world. Munich Re, a global reinsurance company, reported recently that
in 2011 world-wide economic losses from natural catastrophes were a
record $378 billion.
Across Canada, aging water and sewer infrastructure failure is to blame
for most of the damage. In 2007, the Federation of Canadian
Municipalities released a study showing that Canada has a water and
sewage infrastructure deficit of $31 billion.
While Mr. Forgeron said that it is encouraging to see that senior levels
of government are now including adaptation measures in their climate
change plans, he urged them to do more.
"The $150 million the federal government has committed to adaptation is
a good start but it's not enough to address the adaptation problems our
country faces," he said. "We need focused, intergovernmental
co-operation to build resilience to severe weather patterns and
minimize associated economic and insured losses."
"Our industry has put together a comprehensive adaptation plan and we
look forward to working with governments at all levels, the private
sector, citizens and community groups to develop an effective
adaptation strategy," he said.
About Insurance Bureau of Canada
Insurance Bureau of Canada is the national industry association
representing Canada's home, car and business insurers. Its member
companies represent 90% of the private property and casualty (P&C)
insurance market in Canada. The P&C insurance industry employs over
114,000 Canadians, pays more than $7 billion in taxes to the federal,
provincial and municipal governments, and has a total premium base of
To view media releases and information, visit the Media Centre of IBC's
website at www.ibc.ca.
SOURCE INSURANCE BUREAU OF CANADA
For further information:
Manager, Government Relations, IBC
(902) 429-2730 x 233
Director, Media Relations, IBC
(416) 362-2031 x 4387