.jpg)
The Insurance Bureau of Canada (IBC) has promised Edmonton residents that it will reveal updated flood maps for the region.
Bill Adams, IBC western vice-president, spoke recently with the city council’s utility committee, noting that while flood insurance is a national problem, not a lot of people are aware of the risk they face.
“Those Canadians who are highest at risk of flood are completely oblivious,” Adams said, citing insurance industry surveys that polled Canadians on flood risk.
“They just don’t believe they’re at risk,” he continued. “We need to ensure that the flood maps, the risk, is known.”
Adams promised to show the updated flood maps to Edmonton locals this spring. The IBC will be present at the annual Get Ready in the Park event on May 12, 2018 and the agency will share the revised flood maps at the event, Edmonton Journal reported.
Councillor Ben Henderson additionally recommended that Edmonton should be trying to create enough flood protection infrastructure - such as stormwater ponds and larger storm sewers – as this would ensure private insurance agencies can offer affordable insurance, he said. Drawing from personal experience, Henderson mentioned that overland flooding insurance costs thousands of dollars for him and others who live in the river valley.
An official with the city said in an earlier statement that not only would it could cost Edmonton about $3.5 billion to rebuild its entire infrastructure to protect against a one-in-100-year river flood or flash flood, but the process could take decades as well.
Presently, only 37% of Albertans have purchased overland flood protection plans, Adams said. The provincial government once stated that it would stop offering emergency coverage to at-risk flood homeowners when these private policies are widespread and affordable.
