Insurance Bureau of Canada (IBC)
OTTAWA - Today, the Government of Canada tabled the 2017 Federal Budget and dedicated significant funds to protect Canadians and their communities from the ravages of natural disasters.
"Canada's property and casualty insurers have been highlighting the need for a comprehensive climate strategy that includes measures for adaptation and mitigation," said Don Forgeron, President and CEO, Insurance Bureau of Canada (IBC). "The infrastructure initiatives announced in the Budget include tangible measures to identify at-risk federal infrastructure, elevate building codes and invest significantly in mitigating climate risk across this country. The government has also recognized that a climate-safe community is a community that is stronger for job growth and investment."
As part of the Budget, the government has committed to a significant expansion of disaster mitigation financing. $2 billion will be set aside for a Disaster Mitigation and Adaptation Fund to support the national, provincial and municipal infrastructure required to deal with climate change. Also, out of the Green infrastructure Fund, $182 million will be allocated to implementing new building codes to focus on climate resilience.
In addition, Environment Canada will invest $73.5 million over 5 years to launch a new Canadian Centre for Climate Services which will support climate adaptation decision-making across the country. Transport Canada will also invest $16.4 million to ensure that Canada's federally-managed transportation infrastructure is able to withstand the effects of natural disasters.
"The P&C insurance industry congratulates the Government of Canada on making the most significant disaster-proofing investments in our country's history," added Forgeron. "By investing in strong infrastructure and resiliency now, the government is helping to mitigate the economic and physical impacts of future severe weather events. Our industry will support the government as they work to create safer, more resilient communities for all Canadians."