OTTAWA, Aug. 15, 2019 /CNW/ - Insurance Bureau of Canada (IBC) commends the federal government for providing new funding to help protect Fredericton and the surrounding community from future flooding. This investment in transportation systems, municipal infrastructure and the expansion of wetlands will help protect more than 27,500 residents.
The $11.4 million investment is from the federal government's $2 billion Disaster Mitigation and Adaptation Fund.
"Over the past 11 years, Fredericton residents have been affected by three major floods," said Craig Stewart, Vice-President, Federal, 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."
"Last year, insured damage from severe weather across Canada reached $2 billion, the fourth-highest amount of losses on record," continued Stewart. "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 2018's losses. Instead, Canadians and their insurers experienced significant losses from a host of smaller severe weather events from coast to coast to coast."
As the financial cost of a changing climate rises, and as Canadians head to a federal election, IBC is advocating for all political parties to commit to a national action plan on flooding. The plan needs to prioritize public awareness and education on the risk of flooding, relocating and protecting residents at greatest risk of repeated flooding. It should also develop high-risk insurance mechanisms for those residents remaining in high-risk areas, and deny disaster assistance to new buildings on flood plains.
Also crucial to addressing the consequences of climate change is increased investment from the federal government to mitigate the future impacts of extreme weather and build resilience to its damaging effects.
IBC reminds Canadians that it is not only insurers that foot the bill for severe weather damage. For every dollar paid out in insurance claims for damaged homes and businesses, Canadian governments and their taxpayers pay out much more to recover public infrastructure damaged by severe weather.
About Insurance Bureau of Canada
Insurance Bureau of Canada (IBC) is the national industry association representing Canada's private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.
P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 126,000 Canadians, pays $9 billion in taxes and has a total premium base of $54.7 billion.
For media releases and more information, visit IBC's Media Centre at www.ibc.ca. Follow us on Twitter @InsuranceBureau or like us on Facebook. If you have a question about home, auto or business insurance, contact IBC's Consumer Information Centre at 1-844-2ask-IBC.
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: Steve Kee, Director, External Communications, IBC, 416-841-5669, [email protected]