Transport committee  Thank you for the question. Canada is becoming a riskier and riskier place for insurers to do business. If you take a look at the losses that insurers have paid over the last decade on the property side, there are some areas of the country where insurers are actually losing mone

Transport committee  In context, in our view it's important to take a step back and conduct an assessment to figure out where the greater needs are across the country. As I said in the presentation, I'd like to stress, though, that it should be coordinated with two other activities in government. One

Transport committee  In our view, private sector capital is important on both sides of the equation—bringing private sector capital into Canada and doing the necessary work to attract it. As I mentioned, there are efforts on price resilience under way globally. Canada should be tying into those effor

Transport committee  Good morning, Mr. Chair and committee members. Thank you for inviting IBC to present to you today. Accompanying me is Ms. Chris Rol, IBC’s long-time flood expert. Insurance Bureau of Canada is the trade association for the over 200 companies that insure cars, homes and business

Transport committee  Thank you, MP Rogers, for the question. Yes, we actually know what to do. The consultations around the national adaptation strategy surfaced. This wasn't just IBC. This was IBC with the FCM, Canadian Red Cross, Salvation Army and a broad group of experts who are on the front lin

Transport committee  Very quickly, the Canadian Climate Institute just released a report in collaboration with Addenda Capital, which is the investment arm of Co-operators insurance. It laid out a number of ways in which you can attract private sector capital in basically resilient infrastructure wit

Transport committee  Yes. Thank you for the question. Canada is in a very interesting position in that national adaptation strategies have been tabled by countries around the world. It's actually now a UN requirement. Certain jurisdictions, such as New Zealand and Britain, have done an excellent job

Transport committee  Thank you for the question, MP O'Connell. The Canada Infrastructure Bank has terrific promise on the adaptation side. The scale of the problem, as you've heard from witnesses, is far too great for any level of government to address alone. The private sector should be at the tabl

Transport committee  No, of course not.

Transport committee  It's not an area we've spent a lot of time on. It's been an issue, as I understand it, since the 1990s. It's been a known issue in Ontario, which the government has had to grapple with. The reality is that these are unfunded liabilities, at the end of the day. Those should be a

Transport committee  I'm going to focus on the national flood insurance program as a unifier. What insurance does is it prices risk. Right now, our system is that we have 10% of the population exposed to high flood risk, and they rely on government bailouts, which is essentially free insurance. The i

Transport committee  It's a very important question. Frankly, it's a difficult one to answer. I'd say we're still learning as an industry. With regard to that event that you referenced, the $1.5 billion in losses, there were 100,000 claims that resulted, far more claims than came from Fort McMurray.

Transport committee  I don't believe there are any discriminatory practices when it comes to underwriting. Essentially what happens is that underwriters will take a look at risk, and geographic factors do play in. It happens on property, and it happens on auto as well. Unfortunately, we're facing a

Transport committee  The insurance industry is regulated from a provincial level when it comes to its insurance market. It is a provincial regulatory issue.

Transport committee  The answer is yes. Building for future conditions, not existing conditions, is essential at this point. The insurance industry is looking at how, essentially, through our policies, we can encourage building back better to a higher standard than what was there before. It's essent