The
Insurance Bureau of Canada (IBC) yesterday discussed with the Charlottetown Chamber of Commerce the various weather-related risks that affect Islanders and all Canadians, highlighting the need to increase the country’s preparedness for future disasters.
IBC vice president, Atlantic, Amanda Dean gave a speech during the presentation, entitled
Floods, fires and other forces of nature: How to disaster-proof Canada. In her speech, Dean emphasized the importance of a national flood strategy.
“We’ve seen a rapid increase in severe weather here on the Island, across Canada, and around the world,” Dean said.
“While damage caused by severe weather – such as wind, hail and ice storms – is often covered by insurance, there is currently no system in place in Canada to ensure that victims of flooding events are adequately protected.”
IBC proposed a framework for the financial management of flood risk—the framework equally divides responsibilities among the property and casualty insurance industry, all levels of government, and consumers. According to a release, the proposal is based on the idea that private insurers can provide flood insurance for the vast majority of Canadians, while high-risk properties are insured through a flood program covered by the insurance industry and the government.
In her speech, Dean also complimented the PEI government for its continued work on developing a new climate strategy.
“IBC applauds the government for taking a collaborative and thoughtful approach to climate change issues,” remarked Dean. “We are particularly pleased to see that equal weight is being given to adaptation and mitigation efforts. The adaptation element of climate change response is occasionally forgotten, but it is an absolutely essential piece of the puzzle.”
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