IBC welcomes recommendations to address Canada's housing & climate woes

IBC welcomes recommendations to address Canada’s housing & climate woes | Insurance Business Canada

Insurance News

IBC welcomes recommendations to address Canada’s housing & climate woes

“We all must do better to protect ourselves”

Insurance News

By
Terry Gangcuangco

In Canada, where 5.8 million new homes are needed by 2030 to restore housing affordability, the Task Force for Housing & Climate has published its Blueprint for More and Better Housing report, which outlines what federal, provincial, and municipal governments should be doing to achieve the common goal – something Insurance Bureau of Canada (IBC) welcomes.

“Addressing Canada’s housing supply shortage is crucial, and new homes must be built to enhance the resilience of new and existing communities. A recent Abacus Data poll indicates four in five Canadians (84%) believe it is crucial to develop new housing in a manner that is resilient to the impacts of climate change.”

In Power’s statement, she articulated a comprehensive strategy for sustainable housing development, stressing the importance of revising the National Model Building Codes to incorporate elements of physical climate resilience. She called for a strategic approach to construction location, advocating for avoidance of high-risk areas, and suggested collaborative efforts in hazard mapping to guide decision-making.

The CEO went on to underscore the necessity to protect existing communities through the establishment of a National Flood Insurance Program tailored for households facing the highest risk and a revamp of government financial assistance programs to encourage building in safer locales.

“As the frequency and severity of extreme weather events continue to increase across the country, so too do the financial costs borne by insurers and taxpayers,” Power, a member of the Task Force for Housing & Climate, said. “We all must do better to protect ourselves from natural disasters, which has an outsized impact on the most vulnerable households.

“As reported by IBC earlier this year, severe weather in 2023 caused over $3.1 billion in insured damage across Canada. IBC and its members are continuing to engage with the federal and provincial governments on ways to improve the climate resilience of communities across the country.”

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