The Insurance Bureau of Canada is urging governments and homeowners to prepare for continued flooding risks as water-related insurance losses continue rising across the country.
In a statement released during ongoing spring flooding events in several provinces, the organization said flooding remains Canada’s most frequent and costly natural disaster.
According to the bureau, insured losses connected to flooding and water damage have increased more than 350 per cent over the past two decades compared to the previous 20-year period.
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Industry calls for stronger flood prevention measures
Liam McGuinty said more action is needed to help communities adapt to increasingly severe weather events.
“From spring thaw to intense rainfall events, flooding is becoming more frequent, more severe and more costly in communities across Canada,” McGuinty said in a release.
“We need co-ordinated action from all orders of government, industry and homeowners to reduce risk, strengthen resilience and protect Canadians from the rising costs of extreme weather.”
The organization is calling on governments to strengthen flood mitigation efforts through improved land-use planning, infrastructure upgrades and updated building standards.
Recommendations include restricting development in high-risk flood plains, investing in stormwater and wastewater systems, improving flood mapping and expanding programs that help homeowners retrofit properties against flood damage.
Homeowners encouraged to prepare
The bureau is also encouraging Canadians to take preventative steps around their homes, including maintaining drainage systems, reviewing insurance coverage and considering flood protection measures such as sump pumps and backwater valves.
Officials say consumer awareness and preparedness remain important as weather forecasts continue pointing toward unsettled conditions through the spring and summer months.
“The most effective way to ensure the continued sustainability of the home insurance market is by creating more resilient communities,” McGuinty said.
The Insurance Bureau of Canada represents the country’s private home, auto and business insurance industry.
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.