IBC says governments flood mitigation investments worthy of praise
Published: November 3, 2016
Updated: July 24, 2018
Author: Luke Jones
CATEGORY: Industry News
While the Insurance Bureau of Canada (IBC) has criticized the Ontarian auto insurance market recently, the group has reserved praise for the federal government’s push to improve infrastructure and flood mitigation. The IBC applauded the government’s efforts in its Fall Economic Statement 2016, which was released recently.
On Tuesday, the IBC said the government has pledged $21.9 billion over the next 11 years. The program will see the government invest in green developments and targeted investments that “support greenhouse gas emission reductions; enable greater climate change adaptation and resilience; and ensure that more communities can provide clean air and safe drinking water for their citizens.”
In its economic statement, the Government of Canada says it “work with its provincial, territorial, municipal and Indigenous partners to evaluate, select and fund the green infrastructure projects that will deliver the best outcomes for Canadians.”
Projects in line for investment include infrastructure works that help manage the risk of flooding and wildfire.
“Canada’s property and casualty insurers have been highlighting the need for flood mitigation programs across the country and today’s economic statement is a solid step forward in meeting that need,” said Don Forgeron, president and CEO of IBC, in a press release. “We fully support the government’s plans to fund strong infrastructure and applaud them for recognizing the importance of flood mitigation.”
IBC said that the “frequency and severity of flooding events and wildfires are having a significant impact on Canadians across the country. Canada must build a culture of disaster risk reduction that resonates with consumers and engages all levels of government, businesses, and institutions.”
“This economic update will help create stronger, more resilient communities,” added Forgeron. “We look forward to working with the federal government as a committed partner in the areas of mitigation, adaptation, and emergency management.”