Insurance Bureau of Canada Reacts to Alberta Budget

Toronto, ON (Mar. 8, 2014) – Insurance Bureau of Canada supports the news from the Alberta Budget that the government is earmarking $1.5 billion for flood mitigation and recovery programs in the province over the next three years.

The Alberta Government’s budget calls for $700 million for future flood mitigation projects including grants for erosion control, flood hazard mapping, mitigation related to water and wastewater infrastructure, protecting “high priority” areas susceptible to future flood damage and an additional $859 million for flood recovery.

Bill Adams, Vice-President, Western and Pacific, IBC, said, “It’s no secret we are seeing more severe weather, especially more intense rainfall. This overburdens our sewer and storm water infrastructure, resulting in more sewer backups in homes and businesses. We know there is need for Albertans to prepare for the inevitable. Property and casualty insurers are collaborating with all three levels of government to help Canadians adapt to these new weather realities.”

He went on to say that “2013 was a record year for insured damages across Canada and last summer’s Southern Alberta flooding was the costliest insured disaster in our country’s history. We support initiatives that build resilience and help the many communities across the province affected by recent natural disasters. We will continue to work with the governments at all levels to build safer and more resilient communities.”

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.

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