Toll Free: 1.877.225.0446

The importance of flood protection in Canada

Did you know that flooding is the most frequently occurring natural hazard in Canada? And did you know that until recently, Canada was the only G8 country without overland flood insurance for homeowners?

Following the destructive floods we’ve seen in Canada, a new publication entitled, “The road to flood resilience in Canada”, shows that flood events in Canada can potentially trigger losses exceeding CAD 13 billion with less than half of those covered by insurance. This fact can have severe economic and social consequences for all concerned.

The report said insurance covered only about one-third of the economic losses suffered as a result of the Alberta floods and about $1 billion of the almost $1.5 billion in total losses from a flood that submerged roads, railways and basements in Toronto a few weeks later that same year.

The report not only analyzes the risks confronting Canadians, but what has to be done and what should be done to alleviate those risks. The report encourages the insurance industry to launch more effective product marketing effort towards consumers. In essence, all key risk management stakeholders should act together to better protect Canadians against this risk in the future.

For the full copy of Swiss Re’s report, click here