The Canadian government has recently committed $15 million to a flood insurance backstop, but many are questioning whether this is enough to protect Canadians from the increasing threat of floods.
The funding, announced by Public Safety Minister Ralph Goodale, will go towards the creation of a national flood insurance program. This program aims to provide affordable and accessible flood insurance to Canadians who are at risk of flooding.
According to Goodale, the government recognizes the need for a comprehensive approach to flood risk management. He states, “We know that the frequency and severity of floods are increasing, and we need to take action to protect Canadians and their communities.”
The need for a national flood insurance program has become more urgent in recent years, as climate change has led to more extreme weather events, including floods. In 2018, the Insurance Bureau of Canada reported that insured losses from natural disasters in Canada reached $1.9 billion, with floods being the most common cause.
The federal government’s commitment to a flood insurance backstop has been met with mixed reactions. While some applaud the move as a step in the right direction, others argue that $15 million is not enough to adequately address the issue.
Steve Kee, spokesperson for the Insurance Bureau of Canada, believes that the government needs to invest more in flood mitigation and prevention measures. He states, “We need to invest in infrastructure, we need to invest in mapping, we need to invest in risk reduction measures.”
Others have also raised concerns about the potential cost of the program for taxpayers. The details of the program, including how much it will cost and who will be eligible, have yet to be determined.
Despite these concerns, the federal government remains committed to implementing a national flood insurance program. Goodale states, “We are determined to get this right and to make sure that Canadians have access to affordable and comprehensive flood insurance.”
The government will continue to work with provinces, territories, and industry stakeholders to develop the program and address any concerns. As the threat of floods continues to grow, it is clear that a comprehensive and accessible flood insurance program is necessary to protect Canadians and their communities.
