IBC applauds BC flood strategy

IBC applauds BC flood strategy | Insurance Business Canada

Catastrophe & Flood

IBC applauds BC flood strategy

The plan represents “an important step”

Catastrophe & Flood

By
Terry Gangcuangco

The Insurance Bureau of Canada (IBC) has welcomed British Columbia’s “From Flood Risk to Resilience: A BC Flood Strategy to 2035” plan.

The strategy was unveiled by Minister of Water, Land, and Resource Stewardship Nathan Cullen, Minister of Emergency Management and Climate Readiness Bowinn Ma, and the BC government.

IBC Pacific and Western vice president Aaron Sutherland said: “With over 200,000 BC households at high risk of flood damage – the third-highest risk in Canada – this strategy is an important step in better protecting families, businesses, and communities moving forward.

“The province’s commitment to developing a provincially coordinated floodplain mapping program in collaboration with the federal government will help us better understand the flood risk facing British Columbians. IBC welcomes the government’s commitment to enhancing flood resilience and its investments to help incentivize households and businesses in high-risk areas to flood-proof their properties.”

Sutherland underscored the increasing urgency of the issue, pointing to the rise in frequency and intensity of extreme weather events across Canada. He recalled the November 2021 floods in southern BC, which caused insured losses surpassing $675 million, as a stark reminder of the growing severity of such disasters.

Canada’s costliest climate threat

Aside from commending BC’s move, the IBC also highlighted the huge need for flood protection in the country.

“Flooding is Canada’s costliest and most frequent climate threat and puts millions of people at risk each year,” its statement said. “The federal government committed to a low-cost national flood insurance program for high-risk households in last year’s federal budget. However, progress on the program has stalled awaiting the 2024 Budget, leaving too many Canadians vulnerable to the financially devastating consequences of flooding.

“By funding the National Flood Insurance Program, the federal government can work in partnership with insurers to help protect those households at greatest risk of flooding. The solution is available, and insurers are ready to set up, scale, and deliver a cost-neutral program for affordable flood insurance.”

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