CHARLOTTETOWN, Sept. 22, 2016 /CNW/ - Today, in a presentation to the Charlottetown Chamber of Commerce, Insurance Bureau of Canada (IBC) highlighted the urgent need to increase Canada's preparedness for natural disasters. In a speech entitled "Floods, fires and other forces of nature: How to disaster-proof Canada," Amanda Dean, IBC's Vice-President, Atlantic, discussed the weather-related risks that are affecting Islanders and all Canadians. She also focused on how insurers and governments can work together to find a solution.
During her speech, Dean emphasized the need for a national flood strategy. "We've seen a rapid increase in severe weather here on the Island, across Canada, and around the world," said Dean. "While damage caused by severe weather – such as wind, hail and ice storms – is often covered by insurance, there is currently no system in place in Canada to ensure that victims of flooding events are adequately protected."
IBC is proposing a framework for the financial management of flood risk, with shared responsibilities for the property and casualty (P&C) insurance industry, all levels of government, and consumers. This proposal is based on the notion that private insurers can provide flood insurance for the vast majority of Canadians, with high-risk properties insured through a flood program in which both the insurance industry and government play a role.
Dean complimented the PEI government for its ongoing work to develop a new climate strategy.
"IBC applauds the government for taking a collaborative and thoughtful approach to climate change issues," noted Dean. "We are particularly pleased to see that equal weight is being given to adaptation and mitigation efforts. The adaptation element of climate change response is occasionally forgotten, but it is an absolutely essential piece of the puzzle."
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 120,000 Canadians, pays $8.2 billion in taxes and has a total premium base of $49 billion.
For media releases and more information, visit IBC's Media Centre at www.ibc.ca. Follow IBC on Twitter @InsuranceBureau and @IBC_Atlantic 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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