Canadian Underwriter

IBC comments on Montreal’s plan to increase spending on infrastructure repairs

February 2, 2018   by Staff

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Copyright : Victor ZastolskiyMontreal says it’s increasing spending on repairs to underground infrastructure and roadways, and the Insurance Bureau of Canada (IBC) has expressed its approval.

Related: Canada’s earthquake risk highlighted by tsunami warning: IBC

“The P&C insurance industry is pleased about the City of Montreal’s actions, which will certainly help reduce the number of claims and thus improve the quality of life of its citizens,” Johanne Lamanque, vice-president, Quebec, IBC, said in a statement.

According to a news release from IBC, water damage accounts for more than $500 million in insurance claims paid in Quebec each year, and crumbling infrastructure is responsible for 60% of water damage. Water damage has been the leading cause of home insurance claims for the past decade.

“In making repairs to its obsolete underground infrastructure one of its priorities, the City of Montreal is sending a message it understands the urgent need to act to adapt to current and future weather-related events,” Lamanque said.

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This story was originally published by Canadian Insurance Top Broker.