TORONTO, Feb. 13, 2014 /CNW/ - "Today's announcement of the $14 billion
Building Canada Fund is another positive step taken by the federal
government to tackle the country's aging infrastructure," said Don
Forgeron, President and CEO, Insurance Bureau of Canada (IBC). "We
are very encouraged to see this announcement and look forward to the
full details of the Canada Building Plan, expected in the Spring."
In 2013, a number of Canadian communities suffered record losses as a
result of natural disasters. The insurance industry and many levels of
Government have provided much needed support to help in the re-build.
"The country needs measures to prevent these disasters from happening
in the first place. The Canada Building Plan will help in that regard,"
Canada's property and casualty insurance industry manages the risks
inherent in home, business and automobile ownership. The 2013 year-end
severe weather insured loss totaled $3.2 billion, which is the highest
in Canadian history. The losses of 2013 came after four years in a row
of natural disaster losses for the insurance industry that hit the $1
About Insurance Bureau of Canada (IBC)
IBC is pleased to celebrate 50 years as a valuable resource for
insurance information. Since 1964, IBC has worked with governments
across Canada to make our communities safer, championing issues that
directly affect Canadians and the property and casualty (P&C) insurance
industry. IBC is the national industry association representing
Canada's private home, car and business insurers. Its member companies
represent 90% of the P&C insurance market in Canada. The P&C insurance
industry employs over 118,600 Canadians, pays more than $7 billion in
taxes and levies to the federal, provincial and municipal governments,
and has a total premium base of $46 billion.
To view media releases and other information, visit the media section of
IBC's website at www.ibc.ca. Follow IBC on Twitter @InsuranceBureau or like us on Facebook.
If you require more information, IBC spokespeople are available to
discuss the details in this media release.
SOURCE: Insurance Bureau of Canada
For further information:
To schedule an interview, please contact:
Director, Media Relations
Insurance Bureau of Canada
416-362-2031 ext. 4387