Today, the Government of British Columbia released its 2024 Budget. Following the announcement, Aaron Sutherland, Vice-President, Western and Pacific, Insurance Bureau of Canada (IBC), issued the following statement:
"With unprecedented wildfires in 2023 and record-breaking flooding in 2021, British Columbia has seen the devastating impacts of climate change first-hand and the new weather reality it brings.
IBC and its members welcome the government’s $405 million in new funding to help BC mitigate loss from and better respond to disaster and climate emergencies. This substantial investment to improve wildfire and flood mitigation, response, and recovery efforts will help build resilience to the climate related risks we face moving forward.
Insurance coverage for wildfire is widely available and included in standard home insurance policies, yet financial protection for flood remains unavailable for many British Columbians living in areas of highest risk. That is why IBC has been calling on the federal government to urgently move forward with the National Flood Insurance Program to help ensure all Canadians have access to affordable flood insurance to mitigate the financial risk they face from flood events.”
Canadians Need Flood Protection
Flooding is Canada’s greatest climate threat and puts millions of people at risk each year. The federal government committed to a national flood insurance program in last year’s federal budget. However, progress on the program has stalled, leaving too many Canadians vulnerable to the financially devastating consequences of flooding.
By funding the National Flood Insurance Program, the federal government can help protect those 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.