We need a national flood program: Insurance Bureau of Canada

A big move this week by the Insurance Bureau of Canada – which took the step of calling for a national flood program to be led by the private sector.

The speech was made at an Economic Club of Canada event – the IBC credits climate change in driving up the frequency and severity of extreme weather events.

The Calgary flood in 2013 alone was declared Canada’s costliest-ever natural disaster.

President and CEO Don Forgeron says mitigation and preparedness is vital.

“Making the coverage available certainly is important, but that’s not going to solve the problem, obviously. We’re really just talking about a more mature, disciplined way to compensate Canadians.”

He adds it will need a multi-pronged approach complete with the upgrading of aging infrastructure.

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