Toronto, ON (Oct. 27, 2015) – Insurance Bureau of Canada (IBC) welcomes the Government of Alberta’s announcement that it will invest hundreds of millions of dollars to deal with the risk of flooding in southern Alberta.
“This investment shows the government’s commitment to building resilient communities,” said Bill Adams, Vice-President, Western and Pacific, IBC. “Across Canada, extreme weather damage has cost insurers almost $8 billion since 2010 and governments across the country many tens of billions of dollars more. We need to take thoughtful and appropriate action to develop strategies that help Canadians protect themselves from the effects of extreme weather. Investment today will pay off in the long term. I applaud the government for taking these steps.”
The government announced new flood protection along the Bow and Elbow Rivers with the aim to defend Calgary and upstream communities against the type of severe flooding that occurred in June 2013. This funding commitment will support a number of flood mitigation projects, including:
- Building the Springbank Off-stream Reservoir;
- Investing additional funds in the Alberta Community Resilience Program to support City of Calgary mitigation projects;
- Funding local mitigation in Bragg Creek and Redwood Meadows.
With climate change resulting in more frequent and severe weather events, IBC has made helping Canadians adapt to this new reality a strategic priority for the insurance industry. Adams added, “These investments will make our province stronger and able to handle weather events that have become more frequent and severe.”
Insurers are working to educate Albertans about steps they can take to protect their properties. For more information, consumers can contact their local insurance representative, or call IBC’s Consumer Information Centre at 1-844-2ask-IBC or visit www.ibc.ca.
About Insurance Bureau of Canada
Insurance Bureau of Canada (IBC) is the national industry association representing Canada’s private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.
P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 118,000 Canadians, pays $6.7 billion in taxes and has a total premium base of $48 billion.
For more information, visit IBC online at www.ibc.ca. If you have a question about home, auto or business insurance, contact IBC’s Consumer Information Centre at 1-844-2ask-IBC.
SOURCE: Insurance Bureau of Canada