TORONTO, March 29, 2012 /CNW/ - Insurance Bureau of Canada applauds the Federal Government on the release of the 2012 Federal Budget.
Finance Minister Jim Flaherty today delivered the Federal Budget and committed to discussing with the provinces the development of a national disaster mitigation program. The budget also proposes "up to $99.2 million over three years to assist the provinces and territories with the cost of permanent flood mitigation measures undertaken for the 2011 floods." The Government is providing support to the many communities affected by recent natural disasters, and is committed to working with other levels of government to build safer and more resilient communities.
Don Forgeron, President and CEO of Insurance Bureau of Canada, is encouraged that the Government is committed to discussing issues associated with the impact of severe weather. "As the insurance industry, we are concerned with climate adaptation issues. We want governments at all levels, the private sector, citizens and community groups to come together for an effective severe weather adaptation strategy."
Canada's property and casualty insurance industry manages the risks inherent in home, business and automobile ownership. The industry creates tens of thousands of jobs, pays billions in taxes and contributes to the economic health of urban and rural communities.
Through IBC, the P&C insurance industry is a leading advocate for many issues, including adaptation to severe weather, financial literacy, road safety, the fight against insurance fraud and auto theft, and maintaining balanced regulation of financial services.
IBC looks forward to future dialogue with the Federal Government on all of these initiatives.
About Insurance Bureau of Canada
Insurance Bureau of Canada is the national industry association representing Canada's private home, car and business insurers. Its member companies represent 90% of the 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 $40 billion.
To view media releases and information, visit the media section of IBC's website at www.ibc.ca.
For further information:
Director, Media Relations
Insurance Bureau of Canada
416-362-2031 ext. 4387