Floods in British Columbia: huge total of insured losses revealed
The government has since extended the state of emergency in the region to support recovery and relief efforts. But given the scale of the disaster, CatIQ predicts that the overall economic losses will be much higher than the figures for insured losses.
Read more: Experts: Floods and fires could be the ‘new normal’ for British Columbia
According to the Insurance Bureau of Canada (IBC), affected residents face another major problem.
âWhile the insurance damage resulting from these floods is significant, the sad reality is that many affected residents were in high-risk flood areas and flood plains where flood insurance coverage was not available. is not available, “said Aaron Sutherland, vice president of Pacific and Western at the IBC. âAs a result, the overwhelming majority of the costs of this disaster will be borne by government and taxpayers. “
âAs we continue to see the growing impacts of our climate change, it is clear that much more needs to be done to create a culture of preparedness and strengthen our resilience to the risks we face,â he added.
To address this issue, Sutherland said the office has had discussions with the federal and provincial governments on how to better protect communities and manage the cost of flooding in high-risk residential areas across the country. Discussions revolve around creating a residential flood insurance program, including adopting a public-private partnership model.
Read more: IBC to Provide Virtual Flood Insurance Assistance to British Columbia Residents
âThis year, British Columbians have seen firsthand the devastating impact our climate change can have, whether it be severe storms, wildfires or floods,â said Sutherland. âThese disasters also have a disproportionate impact on the most vulnerable people and, therefore, we must significantly step up our efforts to mitigate future climate change and adapt to the new meteorological reality we are facing. Insurance can help individuals recover financially, but the human impact is often irreparable.
British Columbia has been hit by several devastating weather events this year, causing hundreds of millions of dollars in insured losses. In addition to damage from recent flooding, the province incurred $ 134 million in insured losses from windstorms that swept across western Canada in January and $ 155 million from summer wildfires. last.