The Canadian federal government has confirmed that it will be publishing a flood risk report in a historic move that paves the way for the nation’s first ever national flood insurance program. The report will provide policymakers with information that will be useful in the development of such a national insurance system.
The multidisciplinary research Task Force on Flood Insurance and Redeployment was appointed by Bill Blair, who is both the Minister of Emergency Preparedness and the President of the Queen’s Privy Council for Canada. Their report, which was given the title “Adapting to Rising Flood Risk: An Analysis of Insurance solutions for Canada,” was the result of their research. It provides data and information to assist decision-making on the topic while also outlining special consideration for “alternative policy displacement of individuals at the highest risk.”
The Canadian government considers the research to be “a vital first step toward the common aim of decreasing the impact of floods for all Canadians.” This assessment is based on the fact that the report makes significant headway on flood modeling and mathematical analysis. [Citation needed] In addition, the government disclosed in a press statement that it is currently studying the report in order to ascertain what actions to do next regarding the establishment of a national flood insurance scheme.
In a press statement, the government stated that it has confirmed that it is working on the Flood Hazard Identification and Mapping Program as well as a flood risk portal in order to make information regarding flood risk more accessible to the general public.
Industry backing has been received in response to both the publication of the report and the government’s commitment to the establishment of a national flood insurance policy.
Craig Stewart, vice president of climate change and federal issues for the Insurance Bureau of Canada (IBC), stated that the Canadian government now possesses the fundamental research required to inform the development of a national flood insurance scheme through the use of a community residents. We would like to express our gratitude to Minister Blair for his continued leadership and involvement with our business over this vital matter. The insurance business has been and will remain to be on the front lines of this challenge, addressing the heavy economic risk to Canadians from the disastrous impacts of flooding and climate change.”
Stewart went on to say that insurers all over Canada “are in the prime location to provide the federal government and home buyers with the best possible public-private insurance program,” and that they have been absolutely ready to uphold such a system. He said that this is because insurers in Canada “are in the best position to support the government and mortgage holders with the best possible public-private insurance
Floods, droughts, and big storms are going to cost the Canadian economy a combined total of $139 billion over the next 30 years, according to another analysis that was conducted by the worldwide engineering and architecture services firm GHD.