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IBC applauds housing recommendations by Task Force for Housing & Climate

Mar 5, 2024 | NATIONAL
IBC applauds housing recommendations by Task Force for Housing & Climate  News Article Image

Today, the Task Force for Housing & Climate released its report Blueprint for More and Better Housing. Following the report’s release, Celyeste Power, President and CEO, Insurance Bureau of Canada (IBC), issued the following statement:

“IBC applauds the Task Force for Housing & Climate’s report that issued recommendations on how Canada should be building the 5.8 million new homes the country needs by 2030. 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 4 in 5 Canadians (84%) believe it is crucial to develop new housing in a manner that is resilient to the impacts of climate change.

It’s critical that new housing investments from all orders of government support building new homes in the right ways - by immediately overhauling the National Model Building Codes to integrate physical climate resilience; building in the right places – ensuring we don’t build in high-risk areas and collaborating on detailed hazard mapping to inform decision-making; and protecting existing communities – by investing in a cost-effective National Flood Insurance Program for households at the highest risk and redesigning government disaster financial assistance programs to incentivize new construction in areas of lower hazard exposure.

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. 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.”

Celyeste Power, President and CEO, IBC, is a member of the Task Force for Housing & Climate, a group of thought leaders who came together to identify policy solutions for all orders of government to address Canada’s housing supply crisis, but in a way that is affordable, low-carbon and resilient to climate change.

About Insurance Bureau of Canada

Established in 1964, Insurance Bureau of Canada (IBC) is the national industry association representing Canada’s private home, auto and business insurers. Its member companies make up the vast majority of Canada’s highly competitive property and casualty (P&C) insurance market.

As the leading advocate for Canada’s private P&C insurers, IBC collaborates with governments, regulators and stakeholders to support a competitive environment for the P&C insurance industry to continue to help protect Canadians from the risks of today and tomorrow.

IBC believes that Canadians value and deserve a responsive and resilient private P&C insurance industry that provides insurance solutions to both individuals and businesses.

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