OTTAWA, March 26, 2019 /CNW/ - Insurance Bureau of Canada (IBC) congratulates the federal government, along with the City of Toronto, Regional Municipality of York, Corporation of the City of Markham and the City of Vaughan for together investing over $400 million in flood mitigation. This investment in Stormwater infrastructure upgrades are critical in protecting residents in the Greater Toronto Area from the consequences of severe weather linked to climate change.
The federal funding totalling over $150 million is part of the Government of Canada's Disaster Mitigation and Adaptation Fund, a 10-year, $2 billion national program designed to help communities better withstand current and future risks associated with natural hazards. The municipal funding totals over $252 million.
"IBC and its members have advocated for and welcome the dedicated funding for stormwater infrastructure upgrades," said Don Forgeron, President and CEO, IBC. "The property and casualty insurance industry continues to see the devastating effects of this new era of an unpredictable, changing climate.
"Last year, insured damage from severe weather across Canada reached $1.9 billion, the fourth-highest amount of losses on record," continued Forgeron. "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 storm that hit Ontario on February 24 and 25, 2019, with damaging wind gusts, freezing rain and blizzard conditions caused over $48 million in insured damage. This is just the first severe weather storm to hit Ontario in 2019. In 2018, insured losses from severe weather reached $1.3 billion in that province.
IBC has requested that all levels of government increase their investment in mitigating the impact of extreme weather and building resiliency to its damaging effects, and is pleased with today's funding announcement. In addition to advocating for upgraded infrastructure to protect communities from floods, IBC is also advocating for improved building codes, better land-use planning, and incentives to shift the development of homes and businesses away from areas that are at highest risk of flooding.
It is not only insurers that foot the bill for severe weather damage. For every dollar that insurers pay out for home and business insurance claims, IBC estimates that the government pays out $3 to recover the public infrastructure that is 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
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