IBC requested to refine managing the financial costs of high-risk properties
Published: May 28, 2018
Updated: July 24, 2018
Author: Luke Jones
CATEGORY: Home Insurance
The Insurance Bureau of Canada (IBC) has been tasked with teaming with the Public Safety Canada to further refine options for managing the financial fallout from properties in high-risk flood areas. The request comes following a meeting last Friday between Federal, Provincial and Territorial (FPT) Ministers in charge of emergency management.
Honourable Ralph Goodale, Minister of Public Safety and Emergency Preparedness and Honourable Shaye Anderson, Minister of Municipal Affairs in Alberta co-chaired the meeting. The discussion centred on emergency management improvements.
IBC has been requested by Ministers to work with Public Safety Canada to create methods for managing financial costs. Among the recommendations is to look to international markets, such as the UK, for inspirations. The IBC will report to Ministers in six months via the Advisory Council on Flooding.
Friday’s meeting followed last November’s National Roundtable on Flood Risk, which was hosted by Goodale. Following that meeting, the IBC was requested to remain as the co-chair of the Whole of Society Working Group on flood risk.
Craig Stewart, Vice-President, Federal Affairs, IBC, said, “We are pleased Minister Goodale continues to support the important work of the group aimed at developing recommendations for actions that will protect Canadians in areas that are at high risk for flooding.” He added, “The present costs of climate change are real which is why urgent action is needed on adaptation as well as mitigation.”