OTTAWA — The Government of Canada announced Aug. 30 the release of a new report on floods, the most common natural disaster across the country which costs approximately $1.5 billion in damage per year.
The report from the Interdisciplinary Task Force on Flood Insurance is titled Adapting to Rising Flood Risk: An Analysis of Insurance Solutions for Canada and provides evidence and information required to support decision-making and a forward path for a national flood insurance program, a government release said, “with special considerations for potential strategic relocation of those at most risk.”
“For many, their home is their most important investment, and we have to ensure it is equipped in the face of changing climate conditions across the country. The Task Force on Flood Insurance and Relocation is helping to protect homeowners and is a step toward making housing in Canada more resilient to climate events. Our government will continue to help those who need it most, as we work to ensure everyone has a safe place to call home,” said Minister for Housing and Diversity and Inclusion Ahmed Hussen.
“The insurance industry is on the front lines, addressing the financial risk of climate change. Insurance claims from intensifying severe weather have more than quadrupled over the past 15 years. Flooding is the most widespread climate peril facing Canadians today and those at high risk cannot be affordably insured. The Government of Canada has shown essential leadership in appointing the Task Force and coordinating its work to conclusion,” Insurance Bureau of Canada vice-president and National Adaptation Strategy disaster resilience and security advisory table co-chair Craig Stewart said.
“Insurers are eager to support the formation of a national flood insurance program delivered through a public-private partnership; we’re looking forward to translating this research into a program capable of offering flood insurance to hundreds of thousands of high-risk Canadians,” he added.
The report includes flood modelling, actuarial analysis, and “demonstrates climate change adaptation in action,” the release said.
The federal government is reviewing the report to inform next steps in development of a national flood insurance program as well as developing a flood hazard identification and mapping program and a flood risk online portal to make information more accessible.
The release stated the federal government is also working with provincial, territorial, Indigenous and municipal governments to develop Canada’s first National Adaptation Strategy to “help Canada be more resilient and prepare for the impacts of climate change.” The strategy is set to launch by the end of 2022.
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