Severe weather that caused flooding in southern British Columbia (BC) over the past week has led to evacuations, power outages, and damaged homes and farms, disrupting the lives and livelihoods of thousands of British Columbians. Tragically, it has also led to loss of life. Aaron Sutherland, Vice-President, Pacific and Western, Insurance Bureau of Canada (IBC), issued the following statement:
“Severe weather and flooding in the Fraser Valley and southwestern BC have once again disrupted the lives of residents and business owners across the region. Coming just four years after the devastating 2021 floods, this most recent flood damage is a painful reminder of the need to build our resilience and better protect communities from the new weather reality we face.
“It will be several weeks before we know the total insured losses from this recent flooding. For those who have insurance coverage for floods, insurers are working hard through the claims process to help homeowners, tenants and business owners restore their properties and get back on their feet.
“While Canada’s insurers offer flood insurance to 93% of BC homeowners, it remains unavailable for those at highest risk – including many of the properties that have experienced damage over the past week.
“To better protect Canadians against flooding, it is paramount that governments across the country increase investment in flood risk mapping, protective infrastructure, and incentives to help households and businesses flood-proof their properties.
“In the aftermath of BC’s 2021 flooding, the province developed a robust BC flood strategy that included measures to better protect families and communities. Unfortunately, the strategy remains underfunded. The BC government should prioritize funding for the strategy moving forward to better protect residents in the future.
“Investing in community resilience and damage prevention is always more cost-effective than paying to rebuild year after year following every disaster. By prioritizing risk reduction and mitigation, governments can increase the number of homeowners that have access to flood insurance, which provides much more robust support than the government disaster assistance that high-risk homeowners are forced to rely on today.”
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