Canadian insurance leaders and government authorities convened for the National Roundtable on Flood Risk to seek ways on how to improve flood insurance in the country, as insured damages amount to nearly $600 million so far in 2017.
The Canadian Minister of Public Safety and the Insurance Bureau of Canada (IBC) comprised some of the participants for the event, which primarily focused on better public education on flood risk.
Not all insurers cover expenses on water damage restoration in Canada, so you should be aware of what your coverage involving flood-related claims. Craig Stewart, IBC VP for federal affairs, believes that consumer awareness serves as the top concern for the national round table event that was held for the first time.
By educating Canadians on flood risk, Stewart said that they could protect themselves. Many of them decide to do nothing until they realize that they are at risk, he added. Insured Canadians need to understand that natural disasters have become worse due to man-made changes in the climate, which led to more frequent storms and other weather phenomena.
The national round table came at the right time as U.S.-based Climate Central predicts that two cities in Canada will be significantly affected by rising sea levels. Some parts of Richmond and Delta, B.C., and the Tantramar Marsh in New Brunswick will be “permanently underwater” by 2100.
This will prompt multibillion-dollar projects for flood-control systems in Richmond and Delta alone, according to Simon Fraser University Professor John Clague. On the other hand, Mount Allison University Professor David Lieske warned that $45 billion of trade would be at risk if water submerges the Tantramar Marsh, along with key transportation infrastructure.
Flood-control initiatives will be important not just to improve insurance for Canadians, but also prevent any likelihood of cities being wiped out from the map.