Insurance Bureau of Canada statement: Government of Canada's National Adaptation Strategy

OTTAWA, ON, Nov. 24, 2022 /CNW/ - Today, the Government of Canada released its first-ever National Adaptation Strategy entitled, "Canada's National Adaptation Strategy: Building Resilient Communities and a Strong Economy."

Following the release of the National Adaptation Strategy, Craig Stewart, Vice-President, Climate Change and Federal Issues, Insurance Bureau of Canada (IBC), issued the following statement:

"Canada's first National Adaptation Strategy is brave and ambitious. No other country has proposed such a comprehensive suite of adaptation targets. We commend Ministers Bill Blair, Steven Guilbeault and Jonathan Wilkinson and their teams on this significant accomplishment.

"The elements proposed in this strategy, especially the use of clear risk-reduction goals and outcome-based targets, are truly world-leading and are critical to both the resilience of our country and to the protection of Canadians.

"The gauntlet is now thrown. The federal government has shown the necessary leadership and rightly expects all of us to step up to help them prioritize and action these elements.

"IBC has long advocated for a National Adaptation Strategy that will result in tangible, short-term measures to improve Canada's climate defence and for government to prioritize investments that reduce the impact of these severe weather events on families and communities. With the use of outcome-based targets, Canada is rightly setting a clear focus on its climate defences in the near-term to protect Canadians. The proposed investments in infrastructure in this National Adaptation Strategy will be a welcome down payment on the actions needed to deliver on these targets.

"Over the past 15 years, insurance claims from severe weather have more than quadrupled. In today's world of extreme weather events, the new normal for yearly insured catastrophic losses in Canada has become $2 billion ? most of this due to water-related damage. Between 1983 to 2008, Canadian insurers paid out an average of about $422 million a year in losses related to severe weather. The time to act is now and we're proud to see this National Adaptation Strategy present opportunity for action."

Insurance Bureau of Canada is the national industry association representing Canada's private home, auto and business insurers. Its member companies make up the vast majority of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.

For media releases and more information, visit IBC's Media Centre at www.ibc.ca. Follow us on Twitter @InsuranceBureau and like us on Facebook. If you have a question about home, auto or business insurance, contact IBC's Consumer Information Centre at 1-844-2ask-IBC.

SOURCE Insurance Bureau of Canada