Canada: Flood risk awareness: Dialogue around “re-location” has arrived

By David Gambrill

[...]

“Climate change is a societal challenge, not just an industry challenge,” [chairwoman of the Insurance Bureau of Canada (IBC), Silvy] Wright said. “IBC is focused on working with the government to drive increased investment in climate change resilience. That includes developing a national flood plan.”

Working on the flood plan is at the centre of identifying areas in Canada at high risk of flooding. Wright said four key points have emerged from discussions with governments and other stakeholders about updating the plan.

“We have to begin raising awareness about high-risk areas,” Wright told Canadian Underwriter. “We believe we still have consumers who are not aware of that risk and, unfortunately, are left in dire situations when a catastrophe event [like a flood] occurs.

“Second, we have to deal with re-location of property in high-risk areas. This isn’t just the insurance industry; we are working with governments to support that.

“The third key item would be to advocate for a moratorium on new buildings in flood plains.

[...]