Toronto, ON (Dec. 17, 2012) – Insurance Bureau of Canada supports the Ontario
Government’s announcement that it is increasing support for critical road, bridge,
water and wastewater projects under its Municipal Infrastructure Strategy. Up to $90
million will be available over the next three years for critical infrastructure projects for
communities across Ontario that are having difficulties funding those projects.
“Our infrastructure will continue to face challenges due to the effects and impact of
severe weather,” said Ralph Palumbo, Vice President, Ontario, Insurance Bureau of
Canada. “The Canadian insurance industry has seen substantial increases in property
claims costs, partly as a result of infrastructure that was never designed to cope with
the weather trends we are seeing today, and we fully support sustained investments
that help build resilient communities and a secure economy.”
IBC has also sponsored extensive research into severe weather. Earlier this year –
“Telling the Weather Story” – a research paper from Dr. Gordon McBean – looked at the
impact weather could have in Canada in the future. The report helps Canadians better
understand severe weather as a factor in the increasing damages to personal and
commercial properties that we are seeing in many parts of Canada.
Palumbo added “It is imperative we continue to see momentum on this ?le and that we
work together – governments, industry, communities and individuals – to recognize the
weather risks we are facing and to enter discussions about how to reduce their effects
on our lives and the communities we live in”.
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 and for IBC on Twitter follow @insurancebureau.