On October 20, 2015, the Insurance Bureau of Canada (IBC) welcomed Canada’s Prime Minister-elect, Justin Trudeau, and his colleagues at the Liberal Party of Canada as they form a new majority government.
“On behalf of IBC and its members, I would like to extend my sincere congratulations to Mr. Trudeau and to all Members of Parliament who prevailed in yesterday’s election,” said Don Forgeron, President and CEO, IBC. “We look forward to working with the government on its election pledge to strengthen communities facing increasingly severe weather events stemming from climate change.”
Prior to 2009, insured damages from natural catastrophes were not notable. Today, however, they sit around $1 billion a year and in 2013 hit a historic high of $3.2 billion. The insurance industry has witnessed first-hand the devastating effects severe weather has had on Canadians, governments and businesses.
IBC has prioritized climate change adaptation and earthquake preparedness. A 2013 report commissioned by IBC from AIR Worldwide showed that Canada is not prepared financially for a severe earthquake that could negatively impact Canada’s economy.