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IBC Welcomes Reform of Compensation Program

Insurance Bureau of Canada (IBC) welcomes the new Government of Quebec Coalition’s compensation and financial assistance program, which came into effect April 15, 2019. Genevieve Guilbault, Deputy Prime Minister of Quebec and Minister of Public Security, says the new program is part of a sound management of funds and is an updated solution. During a press conference in Sainte-Marie, she stated that the program is more humane, flexible and efficient.

Peter Babinsky, IBC’s Director of Communications and Public Affairs, says this is the first step to a solution for the organization. They have been asking various governments to stop building or rebuilding in flood zones but their recommendations are not always heard. They want to encourage residents who are at risk to relocate or install certain infrastructures, such as flood barriers or sand bags to greatly reduce risk. He emphasizes that the new assistance program provides for a severance allowance or immunization for a resident in a high-risk area.

The insurance industry cannot cover all flood risks if flooding continues in the same places annually. For more information, contact your broker or company agent.

Source: https://journal-assurance.ca/article/le-bac-reagit-au-nouveau-programme-dindemnisation/