IBC pleased with Alberta government move to earmark funds for flood mitigation

The Insurance Bureau of Canada said Friday it supports the Alberta government’s budget’s move to earmark $1.5 billion for flood mitigation and recovert programs in the province over the next three years.

The budget calls for $700 million for future flood mitigation projects including grants for erosion control, flood hazard mapping, mitigation related to water and wastewater infrastructure, protecting “high priority” areas susceptible to future flood damage and an additional $859 million for flood recovery.

“It’s no secret we are seeing more severe weather, especially more intense rainfall,” Bill Adams, vice president for IBC’s Western and Pacific region noted in a press release.

“This overburdens our sewer and storm water infrastructure, resulting in more sewer backups in homes and businesses. We know there is need for Albertans to prepare for the inevitable.  Property and casualty insurers are collaborating with all three levels of government to help Canadians adapt to these new weather realities.”

“2013 was a record year for insured damages across Canada and last summer’s Southern Alberta flooding was the costliest insured disaster in our country’s history,” he added.  

“We support initiatives that build resilience and help the many communities across the province affected by recent natural disasters. We will continue to work with the governments at all levels to build safer and more resilient communities.”