Statement by Don Forgeron, President & CEO, Insurance Bureau of Canada
November 23, 2020 (TORONTO) – Insurance Bureau of Canada (IBC) congratulates the federal government on the creation of the Task Force on High Risk Residential Flood Insurance and Strategic Relocation.
IBC is eager to work with our partners across the country to look at options for protecting homeowners who are at high risk of flooding and don't have adequate insurance protection, and examine the viability of a low-cost national flood insurance program. The Task Force will also consider options for the potential relocation for residents of areas at the highest risk of recurrent flooding.
More Canadians are exposed to flooding than to any other climate-related peril. Through this Task Force, insurers will work with governments across the country to ensure every Canadian has access to affordable flood insurance. This is a foundational step in an urgent national effort to better protect Canadians, adapt to our changing climate, and build more climate-resilient communities.
Government of Canada Creates Task Force on Flood Insurance and Relocation