November 30, 2018 (Toronto) – Yesterday, the Government of Ontario launched Preserving and Protecting our Environment for Future Generations: A Made-in-Ontario Environment Plan. Insurance Bureau of Canada (IBC) congratulates the government for committing to improve resilience and raise awareness of the impact that climate change has and will have on homeowners, businesses and local communities.
“Climate change is a clear and present danger affecting Ontarians now,” said Kim Donaldson, Vice-President, Ontario, IBC. “So far this year, insured damage from severe weather has cost over $1.2 billion in Ontario alone, but insured losses are only part of the picture. Taxpayers also bear part of the burden.
“IBC has advocated for a province-wide risk assessment, educational initiatives to help Ontarians protect their homes from basement flooding, and improvements to building codes,” Donaldson added. “We congratulate the government for moving forward on these important initiatives.”
The plan includes measures to build resilience, preserve natural infrastructure, and disclose information on the effects of climate change. In September, IBC released “Combatting Canada’s Rising Flood Costs: Natural infrastructure is an underutilized option.” This report urges communities to consider natural infrastructure, such as wetlands, to limit their flood risk.
Ontario’s property and casualty insurers look forward to continuing to work with the Ontario government to make Ontarians more resilient to the effects of climate change.