Insurance Bureau of Canada statement
Ottawa, ON (May 11, 2023) – In response to the federal government’s release of its National Risk Profile, Celyeste Power, President and CEO, IBC, issued the following statement:
“We congratulate the federal government and all those who worked in the ‘whole-of-society’ effort to bring this National Risk Profile to fruition.
The National Risk Profile primarily focuses on three perils ̶ flood, earthquake and wildfire. It will serve as a foundational resource document to help prepare Canadians for the current and future risks made more severe by climate change. As we have seen in recent weeks, with floods in British Columbia and wildfires in Alberta, Canadians are experiencing more frequent, severe catastrophic events that threaten lives and cost billions of dollars in property damage.
Insurers understand the importance of knowing about risk. We play an important role in informing Canadians about their risk and ways to mitigate it, and by helping people to financially recover from disasters. Insurers are committed to continuing in this role. We are helping to improve the ability of Canadians to access insurance coverage by supporting the federal government’s new high-risk flood insurance program.
In releasing the National Risk Profile, the Honourable Bill Blair acknowledged the ongoing, active partnership of IBC and the property and casualty insurance industry in the development of a national flood insurance program for those at highest risk. We agree with the Minister that moving quickly to protect Canadians with flood insurance is the right first step. As pointed out in the report, flooding is the most common and costliest disaster that Canadians face. In parallel, work on earthquake insurance and other perils will follow, once the high-risk flood insurance program is established.”
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 the vast majority 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: Insurance Bureau of Canada (IBC)