Last year’s floods are a stark reminder of the devastating impact of our climate change
VANCOUVER, BC, November 14, 2022 /CNW/ – A series of atmospheric rivers brought unprecedented rains to the southwest a year ago British Columbia (BC). The storms resulted in tragic loss of life, as well as devastating mudslides and inundating homes, farms and businesses.
A year after these events, the Bureau d’assurance de Canada (IBC) commissioned a poll exclusive to Pollara Strategic Insights which found that 88% of British Columbians surveyed believe additional measures are needed to protect communities from the risk of flooding.
“With over $675 million of insured damage, last year’s flood was the worst natural disaster in this province’s history,” said Aaron Sutherland, Vice President, Pacific and West, IBC. “As we continue to see the growing impacts of our changing climate, it is clear that much more needs to be done to improve our resilience to these risks and build a culture of preparedness.”
IBC led conversations with federal and provincial governments on ways to improve community resilience and better manage flood costs for high-risk residential properties in Canada.
The province recently embarked on the BC Flood Strategy, which will provide a holistic view of flood risk management. This commendable work demonstrates the action needed to improve land use planning, improve flood protection infrastructure, and make better use of our natural environment to help protect communities in the future.
While home flood insurance is widely available to the vast majority of homeowners, it is more limited in areas most at risk, as last year’s floods demonstrated. As a member of the Industry Task Force of the Federal Flood Insurance and Relocation Task Force, IBC proposed options for creating a flood insurance program that would help put affordable insurance available to residents of high-risk areas.
“British Columbia has been a leader in taking action to address climate change and build resilience to the new weather reality we face,” Sutherland said. “Last year’s floods are a stark reminder of the devastating impact our climate change can have and the urgency of taking action. By working together, governments and insurers can reduce the risks faced by British Columbians and provide the financial assistance needed to help people recover from a natural disaster. »
- Pollara Strategic Insights conducted an online survey of 801 British Columbians randomly selected from August 19 to September 6, 2022. Here are some highlights from the survey:
- The majority of British Columbians surveyed (58%) approve of the work done by governments in response to the natural disasters that devastated communities across the province last year.
- 54% of British Columbians surveyed believe their home is at risk from a natural disaster – including an earthquake, fire or flood – and believe they have the appropriate insurance coverage.
- Nearly nine in ten respondents believe it is important for buyers to have access to a database that provides information on flood-prone areas.
- In a situation where there could be a risk of flooding, 68% of respondents said they would consider moving to a safer area if the government paid market price for their home.
Pollara Strategic Insights conducted an exclusive survey on behalf of IBC with August 19 to September 6, 2022. Online survey of 801 randomly selected British Columbians (18+) who have home insurance policies and are at least partially responsible for their home insurance policy has a margin of error of +/- 3.5%.
The devastating floods in the south British Columbia it is estimated that last fall caused $675 million of insured damage, according to the latest estimates from Catastrophe Indices and Quantification Inc. (CatIQ).
About the Insurance Bureau of
insurance office Canada (IBC) is the national industry association representing from Canada private home, auto and business insurers. Its member companies represent the vast majority of the P&C insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, car and business insurance available to all Canadians. BAC supports the vision of consumers and governments that trust, value and support the private P&C insurance industry. He advocates for key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.
For news releases and more information, visit IBC 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 Center at 1-844-2ask-IBC.
SOURCE Insurance Bureau of Canada
For further information: Media Contact: Brett Weltman, Manager, Media Relations, IBC, [email protected]
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