IBC applauds national risk profile release

IBC applauds national risk profile release | Insurance Business Canada

Commercial Solutions

IBC applauds national risk profile release

President and CEO comments on its findings

Commercial Solutions

By
Miko Pagaduan

In response to the federal government’s unveiling of its National Risk Profile, Celyeste Power, president and CEO of the Insurance Bureau of Canada (IBC), issued a statement recognizing the collaborative effort behind this significant milestone.

“We congratulate the federal government and all those who worked in the ‘whole-of-society’ effort to bring this National Risk Profile to fruition,” said Power.

The National Risk Profile, with a primary focus on flood, earthquake, and wildfire perils, stands as a vital resource to equip Canadians in preparing for present and future risks exacerbated by the ramifications of climate change.

Recent events, such as the devastating floods in British Columbia and the rampant wildfires in Alberta, highlight the urgency of addressing the escalating frequency and severity of catastrophic incidents that endanger lives and result in billions of dollars in property damages.

Power emphasized the insurance industry’s profound understanding of risk and its pivotal role in informing Canadians about the perils they face, along with the implementation of strategies to mitigate them.

“Insurers play an important role in helping people recover financially from disasters while simultaneously fostering awareness about risk,” said Power. “We remain committed to fulfilling this role and are actively contributing to the federal government’s new high-risk flood insurance program, which aims to improve Canadians’ access to comprehensive coverage.”

Acknowledging the collaborative efforts between IBC, the property and casualty insurance industry, and the government, the Honourable Bill Blair, commended their ongoing partnership in developing a national flood insurance program for individuals at the highest risk.

Echoing Minister Blair’s sentiment, Power expressed her agreement, stressing the urgency of swiftly safeguarding Canadians with flood insurance as an essential initial step. As emphasized in the report, floods rank as the most prevalent and costliest disasters faced by Canadians.

Consequently, once the high-risk flood insurance program is established, attention will shift towards earthquake insurance and other perils in due course.

The release of the National Risk Profile marks a significant stride in the collective effort to enhance insurance coverage for Canadians in the face of escalating risks.