Wildfires underscore the urgent need for action
Today, the Commissioner of the Environment and Sustainable Development and the Auditor General of Canada jointly tabled their audit on Canada’s National Adaptation Strategy. Following the release of the audit, Craig Stewart, Vice-President, Climate Change and Federal Issues, Insurance Bureau of Canada (IBC), issued the following statement:
“IBC and its members welcome the findings of the Auditor General of Canada’s audit on Canada’s National Adaptation Strategy. The Auditor General’s findings clearly indicate that, despite years of focus on emissions reduction, the federal government has underperformed on commitments to protect Canadians from the wildfires, floods, windstorms and hailstorms affecting hundreds of thousands of Canadians today. As we’ve seen in recent weeks, wildfires have once again forced thousands of Canadians to flee their homes — a powerful signal that urgent action is needed to shield communities from worsening weather events.
“Last summer, in the span of just 24 days, Canada experienced a series of devastating catastrophes, which resulted in nearly a quarter of a million insurance claims – 50% more than our industry usually experiences in an entire year. As weather-related risks continue to intensify year after year, the federal government needs to ramp up capital investments to keep Canada and its communities safe.
“Over the last 10 years, Canada’s federal government invested $41.8 billion to support emission reduction measures, which will reduce Canada’s risk in 20 to 30 years. Only $4.1 billion – representing just one-tenth of the total invested in climate mitigation – was invested in measures that support reducing the risks that Canadians are already seeing today. This disparity must now be reversed.
“Severe weather is getting worse. Canada’s P&C insurers have long advocated for investments in natural and built infrastructure that defend Canadians against floods; conditions on federal investments to prevent new development in high-risk flood and wildfire areas; and retrofit programs to help existing homeowners to better protect their properties from severe weather. The industry stands ready to do its part and work closely and collaboratively with the federal government to create a more resilient country – one that is better able to adapt to extreme weather events, including wildfires.”
