Today, the Government of British Columbia released its flood strategy, From Flood Risk to Resilience: A BC Flood Strategy to 2035. Following the release, Aaron Sutherland, Vice-President, Pacific and Western, Insurance Bureau of Canada (IBC), issued the following statement:
“IBC commends Minister of Water, Land and Resource Stewardship Nathan Cullen, Minister of Emergency Management and Climate Readiness Bowinn Ma, and the BC government, on the release of the BC Flood Strategy. 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.
As the frequency and severity of extreme weather events continue to increase across the country, so does the financial costs borne by insurers and taxpayers. The floods that hit southern BC in November 2021 remain one of the most costly severe weather events in the province’s history, causing over $675 million in insured damage. That event is part of an alarming trend, as insured losses in Canada due to severe weather now average over $2 billion annually. Insurers are ready to move quickly to help address this trend and are working in partnership with all orders of government to better protect those at highest risk of flooding.”
Canadians need flood protection
Flooding is Canada’s costliest and most frequent climate threat and puts millions of people at risk each year. 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.
For more information on the property and casualty insurance industry’s National Flood Insurance Program proposal, visit FundFloodInsurance.ca.
