According to Don Forgeron, President and CEO of the Insurance Bureau of Canada (IBC), "Extreme weather events caused by climate change have become more frequent and more intense." The annual economic cost of natural disasters has reportedly quintupled since the 1980s and now tops $600 million per year.

In light of this huge price tag, the IBC has called for the implementation of a concerted national anti-flood program, led by the private sector. In order to protect taxpayers and property owners, it is essential that we prepare for this type of disaster and mitigate the related impacts.

The IBC believes that aging infrastructure must be upgraded in order to resist increased precipitation levels. People must also come to terms with the potential physical and financial consequences of flooding. In addition, there is a crying need for comprehensive research.

The IBC has entered into a partnership with LexisNexis Risk Solutions, JBA Risk Management, DMTI Spatial and Brookfield RPS. In order to develop maps identifying high-risk cities and regions (along with economic costs), these partners will use local climate data, as well as geospatial information.

For further information, please consult the Journal de l'Assurance article (in French).