OTTAWA, Nov. 15, 2017 /CNW/ - Last spring, thousands of Canadians were flooded nation-wide and many lost their homes and much of their life savings as a result. Severe weather events are increasing in both frequency and intensity as a result of our changing climate. Our country is simply not prepared to face this new reality. Recognizing this challenge, Canada's Minister of Public Safety, the Honourable Ralph Goodale committed to convene a National Roundtable on Flood Risk.
The National Roundtable on Flood Risk will take place on November 16 in Regina and will be hosted by the Government of Canada. The day-long meeting will be attended by representatives from the federal government, the provinces and territories, indigenous leaders, insurance CEOs, the Federation of Canadian Municipalities, and a range of other experts and stakeholder groups. At the Roundtable, participants will focus on identifying measures to ensure that Canadian home owners understand their risk of exposure to flooding, and what they need to do to reduce that risk. Roundtable participants will also discuss the requirements for developing a sustainable financial management system for flood risk.
"As we have seen this past spring, flooding continues to be a devastating and costly emergency for our communities," said The Honourable Ralph Goodale, Minister of Public Safety and Emergency Preparedness. "The challenges posed by flooding require a whole-of-society approach, with Canadians, all levels of government and stakeholders working closely together to find innovative, sustainable solutions that will protect Canadians. I look forward to productive discussions with participants at the Roundtable as an important step in establishing a national dialogue on flooding."
In 2017 to date, flood events have caused over $590 million in insured damage across Canada. This total does not include the financial costs borne by governments and by individual Canadians without flood insurance. The larger economic impact is much higher.
"Canadians should not face financial ruin as the result of a severe flood," said Don Forgeron, President and CEO, IBC. "Collectively, we simply need to do a better job to face this risk head on. We can start by working together to educate and empower consumers."
"IBC is working with the federal and provincial governments, and other organizations focused on flood-related issues to address this complex topic. We support a 'whole of society' approach to reduce risks for consumers and that is exactly what this roundtable aims to do," added Forgeron. "We congratulate Minister Goodale for his leadership and we look forward to working with governments and indigenous leaders across Canada as we move forward, together, to protect Canadians."
For more information on how to protect property against floods and other disasters please visit IBC's website.
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 $9 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 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.
SOURCE Insurance Bureau of Canada
For further information: If you require more information, IBC spokespeople are available to discuss the details in this media release. Please contact: Andrew McGrath, Manager, Media Relations, 416-362-2031 ext. 4312 (office), 416-550-9062 (cell), [email protected]
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...