Insurance Bureau of Canada Statement on report from Intact Centre on Climate Adaptation, Treading Water: The Impact of Catastrophic Flooding on Canada’s Housing Market
Toronto, ON (Feb. 15, 2022) – Insurance Bureau of Canada (IBC) commends the Intact Centre on Climate Adaptation for the release of its report Treading Water: Impact of Catastrophic Flooding on Canada’s Housing Market. For many Canadians, home equity forms a significant part of their retirement savings. When our homes are at risk, our financial security is, too. The report sheds further light on an issue that has been at the centre of IBC’s advocacy on the National Action Plan on Flooding: homes that flood frequently may become less valuable, and could become subject to restrictions around insurance and even mortgages.
“We agree with the six recommendations in the report for action on limiting flood risk. However, we would add one more – create a high-risk insurance pool as a priority outcome of the federal Task Force on Flood Insurance and Relocation,” said Craig Stewart, Vice-President, Federal Affairs, IBC.
“IBC continues to advocate to governments at all levels on the urgent need to do more to prioritize investments that build resilience and better protect our families and communities. Today, as we face the challenge of adapting to a changing climate, flooding poses the highest risk to homeowners. If homeowners are able to transfer risk through an affordable flood insurance program, their home values should be better protected,” added Stewart.
About the Intact Centre for Climate Adaptation
The Intact Centre for Climate Adaptation (Intact Centre or ICCA) is an applied research centre at the University of Waterloo. The Intact Centre was founded in 2015 with a gift from Intact Financial Corporation, Canada’s largest property and casualty insurer. The Intact Centre helps homeowners, communities and businesses to reduce risks associated with climate change and extreme weather events. For more information, visit www.intactcentreclimateadaptation.ca.
About the University of Waterloo
The University of Waterloo is Canada’s top innovation university. With more than 42,000 full and part-time students (Fall 2020), the university is home to the world’s largest co-operative education system of its kind. The university’s unmatched entrepreneurial culture, combined with an intensive focus on research, powers one of the top innovation hubs in the world. For more information about Waterloo, please visit uwaterloo.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.
For more information, visit 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 (IBC)Tags: climate change, flood, Insurance Bureau of Canada (IBC), Intact, Intact Centre on Climate Adaptation, report