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A severe earthquake in the Montreal area could cause between $10 billion and $30 billion in economic losses from fire damage, according to a new ICLR study.
The Insurance Bureau of Canada is supporting the development of a national flood plan, which will include measures to re-locate properties in high-risk areas.
Six biases prevent consumers from buying insurance and protecting themselves from low-probability, high-consequences events. People often forget lessons from the past or are too near-sighted, overly optimistic, or hesitant to deviate from the status quo. At times, consumers do not want to simultaneously focus on several things, or they follow what others are doing.
Toronto is one of the most progressive cities in taking steps to reduce basement flood risk. Its ban on construction of below-grade garages for residential buildings, Basement Flooding Protection Program, and budget allocation are exemplary flood protection measures that ensure risk reduction.
Canadian federal government officials are pondering a flood insurance system similar to Britain’s two-year old Flood Re. While overland flood insurance has been available to homeowners in Canada since 2015, there are hundreds of thousands of homes that are at such a high risk of flood that the owners cannot buy overland flood insurance at a reasonable price.
Catastrophe models that Canadian insurers use to predict flood damage should be open-sourced, free and accessible to everyone, says the chief executive of an open source cat modelling platform. There is a need to share more information to help identify areas prone to flood losses and storm weather losses.
As climate experts forecast more frequent extreme rain events, Toronto is working towards protecting properties by modernizing its storm drainage system. With its Basement Flooding Protection Program, Toronto’s city government brought in a new standard of accommodating a one-in-100-year storm instead of a one-in-five-year storm.
Current underestimation of disaster risks results in too low investments in disaster risk reduction. ARISE is working toward improving awareness of disaster risks within governments and the business community in Canada. The capacities for risk identification and assessment have improved, but organizations and actors need to work towards a shared societal resilience.
Voluntary Commitments
The organization has no registered commitments.
The Sendai Framework Voluntary Commitments (SFVC) online platform allows stakeholders to inform the public about their work on DRR. The SFVC online platform is a useful toolto know who is doing what and where for the implementation of the Sendai Framework, which could foster potential collaboration among stakeholders. All stakeholders (private sector, civil society organizations, academia, media, local governments, etc.) working on DRR can submit their commitments and report on their progress and deliverables.
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