Insurers Partner With Federal And Provincial Governments To Ensure All Canadians Are Protected From Flooding

Statement by Don Forgeron, President & CEO, Insurance Bureau of Canada

TORONTO, Nov. 23, 2020 /CNW/ - Insurance Bureau of Canada (IBC) congratulates the federal government on the creation of the Task Force on High Risk Residential Flood Insurance and Strategic Relocation.

IBC is eager to work with our partners across the country to look at options for protecting homeowners who are at high risk of flooding and don't have adequate insurance protection, and examine the viability of a low-cost national flood insurance program. The Task Force will also consider options for the potential relocation for residents of areas at the highest risk of recurrent flooding.

More Canadians are exposed to flooding than to any other climate-related peril. Through this Task Force, insurers will work with governments across the country to ensure every Canadian has access to affordable flood insurance. This is a foundational step in an urgent national effort to better protect Canadians, adapt to our changing climate, and build more climate-resilient communities.

About Insurance Bureau of Canada

Insurance Bureau of Canada (IBC) is the national industry association representing Canada's private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.

For media releases and more information, visit IBC's Media Centre at www.ibc.ca. Follow us on Twitter @InsuranceBureau or like us on Facebook. If you have a question about home, auto or business insurance, contact IBC's Consumer Information Centre at 1-844-2ask-IBC.

SOURCE Insurance Bureau of Canada