Majority of Atlantic Canadians support national flood insurance program, survey finds
Majority of Atlantic Canadians support national flood insurance program, survey finds | Insurance Business Canada
Catastrophe & Flood
Majority of Atlantic Canadians support national flood insurance program, survey finds
Industry body asks government to move forward with implementation
Catastrophe & Flood
By
Mika Pangilinan
The majority of Atlantic Canadians support the federal government’s national flood insurance program, a new survey from the Insurance Bureau of Canada (IBC) has found.
The survey polled 1,500 participants from the flood-prone region. Seventy-one percent said they are in favour of the program’s implementation, while 76% believe flood protection should be a priority for the government.
Additionally, 59% said the federal government should intensify its efforts to protect Canadians from flooding.
At the same time, 43% said they disapprove of the measures currently being used to prepare Canadians for natural disasters.
The federal government outlined plans to roll out a low-cost flood insurance program in its 2023 budget. The program intends to enable homeowners in high-risk areas to purchase affordable flood coverage, as opposed to having them rely on limited disaster financial assistance.
Craig Stewart, vice president of climate change and federal issues at IBC, emphasized the need for the government to announce details of the program and move forward with its implementation.
“After recent catastrophic events such as Hurricane Fiona in 2022, flooding has devastated communities across Atlantic Canada,” said Stewart.
Flooding is identified as one of Canada’s primary climate threats. Stewart pointed to IBC estimates indicating that some 1.5 million households are in high-risk flood areas.
“Canadians are asking for this program and deserve affordable flood insurance,” he said.
“The program’s implementation is the single most important step the government can take today to better protect homeowners from the financial risks of climate change.”
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