Toronto, ON (Mar. 23, 2017) – Today, the Government of Canada tabled the 2017 Federal Budget and dedicated significant funds to protect Canadians and their communities from the ravages of natural disasters.
“Canada’s property and casualty insurers have been highlighting the need for a comprehensive climate strategy that includes measures for adaptation and mitigation,” said Don Forgeron, President and CEO, Insurance Bureau of Canada (IBC). “The infrastructure initiatives announced in the Budget include tangible measures to identify at-risk federal infrastructure, elevate building codes and invest significantly in mitigating climate risk across this country. The government has also recognized that a climate-safe community is a community that is stronger for job growth and investment.”
As part of the Budget, the government has committed to a significant expansion of disaster mitigation financing. $2 billion will be set aside for a Disaster Mitigation and Adaptation Fund to support the national, provincial and municipal infrastructure required to deal with climate change. Also, out of the Green infrastructure Fund, $182 million will be allocated to implementing new building codes to focus on climate resilience.
In addition, Environment Canada will invest $73.5 million over 5 years to launch a new Canadian Centre for Climate Services which will support climate adaptation decision-making across the country. Transport Canada will also invest $16.4 million to ensure that Canada’s federally-managed transportation infrastructure is able to withstand the effects of natural disasters.
“The P&C insurance industry congratulates the Government of Canada on making the most significant disaster-proofing investments in our country’s history,” added Forgeron. “By investing in strong infrastructure and resiliency now, the government is helping to mitigate the economic and physical impacts of future severe weather events. Our industry will support the government as they work to create safer, more resilient communities for all Canadians.”
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 120,000 Canadians, pays $9 billion in taxes and has a total premium base of $49 billion.
For more information, visit www.ibc.ca.
Source: Insurance Bureau of Canada