Insurance Bureau of Canada (IBC) Applauds Federal Government’s Leadership in Establishing Canada’s First National Flood Insurance Program

The Canadian federal government recently announced its plans to establish Canada’s first National Flood Insurance Program to safeguard Canadians at the highest risk of flooding. This landmark initiative was included in the federal budget, highlighting the government’s commitment to ensuring that all homeowners have access to affordable flood insurance regardless of their risk.

In response to this announcement, Celyeste Power, President and CEO of Insurance Bureau of Canada (IBC), has released a statement applauding the federal government’s leadership and support for this crucial program. The funding allocated to this initiative will go a long way in protecting homeowners across the country, including those at high risk of flooding.

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According to Power, the introduction of Canada’s first National Flood Insurance Program is a significant step forward in mitigating the financial and emotional impact of flooding on homeowners. This program will offer a comprehensive and affordable solution that will enable homeowners to protect themselves and their properties against potential flood-related losses. Furthermore, the establishment of this program will help to promote resilience in communities across the country, as homeowners can take proactive measures to protect their homes and families.

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As a leading advocate for the insurance industry in Canada, IBC has been working tirelessly to promote the importance of flood insurance and to drive policy change. This announcement represents a significant milestone for the organization and the industry as a whole, as it validates the importance of flood insurance and demonstrates the government’s commitment to protecting Canadian homeowners.

the establishment of Canada’s first National Flood Insurance Program is a positive development for Canadian homeowners and the insurance industry. This initiative highlights the federal government’s commitment to promoting resilience and providing affordable flood insurance solutions to all Canadians. The insurance industry, under the leadership of IBC, will continue to support this program’s successful implementation, ensuring that it provides maximum benefits to Canadian homeowners.