Insurers Urge Canada’s Government to Launch National Flood Insurance Program Following Costly Storm Damage
Insurers Urge Canada’s Government to Launch National Flood Insurance Program Following Costly Storm Damage

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Insurers in Canada are urging the federal government to expedite the establishment of a National Flood Insurance Program following significant damages caused by the recent storms in Southern British Columbia, which resulted in estimated insured losses exceeding $110 million. The Insurance Bureau of Canada (IBC) highlights that while some homeowners possess flood insurance, a considerable number—around 10%—lack access to such coverage, leaving them vulnerable to financial hardships. This proposal aims to provide comprehensive financial protection, especially for high-risk areas, and reduce reliance on government disaster assistance, which is primarily reactive. IBC representatives stress the need for collaboration between government and private sector to better tackle increasing flood risks due to climate change.

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