Toronto, ON (Feb. 12, 2014) – Insurance Bureau of Canada is very pleased by the commitment from the Federal Government to look further at one of the most pressing problems facing Canadians, that of Natural Catastrophes.
Finance Minister Jim Flaherty delivered the Federal Budget and said the Government will begin the process of addressing the country’s exposure to natural disasters through a national mitigation strategy, the potential for residential flood insurance program and the country’s preparation for an earthquake. As well Minister Flaherty said the Government will look at “insurance issues arising from natural disasters more generally.” In addition, the Government is also updating its earthquake monitoring system.
Don Forgeron, President and CEO, Insurance Bureau of Canada, says it is a good first step that the Government is committed to discussing issues associated with natural disaster adaptation. “This is the beginning of a process and we thank the Finance Minister and Public Safety Minister Steven Blaney for acknowledging the significance of these key public policy issues. As the insurance industry, we are concerned with adaptation issues and have invested extensively in helping Canadians. We want governments at all levels, the private sector, citizens and community groups to continue to come together on these critical files.”
2013 was a record year for insured damages and the Government is already 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.
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.
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 more than 118,600 Canadians, pays more than $7 billion in taxes to the federal, provincial and municipal governments, and has a total premium base of $46 billion.
To view media releases and information, visit the media section of IBC’s website at www.ibc.ca.