Insurance Bureau of Canada (IBC) congratulates the Government of Canada, the Government of Ontario, and the City of Toronto for their commitment to flood mitigation as part of an over $1.1 billion funding announcement for Waterfront Toronto.
“Recent flood events in Ontario, Quebec and British Columbia have demonstrated the effect that these disasters can have on communities,” said Craig Stewart, Vice-President, Federal Affairs, IBC. “As a society, we cannot continue to put Canadians into harm’s way. The Toronto Port Lands development will transform an industrial site into an attractive residential community. Recognizing that this is a floodplain, the federal government, the Government of Ontario and the City of Toronto are investing the needed funds to ensure this new community is inoculated against flood risk.”
The governments of Canada, Ontario, and Toronto announced a commitment of $1.185 billion for Waterfront Toronto. A portion of this will be devoted to protecting the area around the Toronto Port Lands from flooding including diverting the Don River to a naturalized river mouth. As more development in the area is anticipated, investments in flood mitigation will help make this community safer for residents and stronger for economic growth.
“The era of reckless floodplain development must now end”, added Stewart. “IBC is working with the federal and provincial governments, and other organizations focused on flood-related issues, to advocate for a national strategy to address flood risk. Insurance itself is not sufficient; federal and provincial governments can coordinate on a ‘whole of society’ approach to reduce risk for consumers.”
- Governments of Canada, Ontario, and Toronto announce funding to protect and transform Toronto’s Port Lands
About Insurance Bureau of Canada
Insurance Bureau of Canada (IBC) is the national industry association representing Canada’s private home, auto and business insurers. Its member companies make up 90% 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.
P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 120,000 Canadians, pays $9 billion in taxes and has a total premium base of $49 billion.
For media releases and more information, visit IBC’s Media Centre at www.ibc.ca. Follow IBC on Twitter @InsuranceBureau or 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