Insurance Bureau of Canada Responds to New GFIA Report on Global Protection Gaps

Report Highlights Urgent Need for Governments to Address Growing Protection Gap for Natural Catastrophes and Cyber Crime

TORONTO, March 14, 2023 /CNW/ – A new report released today by the Global Federation of Insurance Associations (GFIA) underscores the need for governments and the private sector to collaborate more closely to address threats posed to the well-being and economic prosperity of Canadians by natural catastrophes. GFIA, which represents over 40 insurance associations worldwide and is based in Brussels, Belgium, highlights a number of policy recommendations in this report, urging all orders of government to create environments where climate and cyber risks can be managed and mitigated.

Insurance Bureau of Canada / Bureau d'assurance du Canada - Logo (CNW Group/Insurance Bureau of Canada)

Insurance Bureau of Canada / Bureau d’assurance du Canada – Logo (CNW Group/Insurance Bureau of Canada)

“Today’s report is a global call to action for national and subnational governments to finally improve Canada’s preparedness for and resilience to severe weather and cyber events,” said Craig Stewart, Vice-President, Climate Change and Federal Issues, Insurance Bureau of Canada (IBC). “Prudent policy actions can ensure Canadian households and businesses are better informed about and protected against these threats. Specific to Canada, the soon-to-be-released federal budget includes an opportunity to address a major protection gap in this country by announcing a national public-private partnership that provides flood insurance to highly vulnerable Canadians. The policy work is complete. It’s now time for investment and implementation.”

Building on the approach taken in other industrialized nations, Canada’s insurers have provided the federal government with a proposal to create a national flood insurance program. This program would ensure Canadians living in areas at high risk of flooding would have access to the enhanced financial protection that insurance provides and allow for a quicker and more holistic recovery.

In addition, IBC is emphasizing GFIA’s recommendations to address the protection gap

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