IBC proposes Disaster Reduction Plan

The Insurance Bureau of Canada (IBC) is proposing the establishment of a Natural Disaster Reduction Plan, which would see all levels of government contribute a total of up to $750 million over five years to create a Natural Disaster Protection Fund. George Anderson, president of the IBC, announced the proposal at a December lunch at Toronto’s The Empire Club. “Canada’s most expensive disasters all occurred within the last three years. These events are part of a trend that has caused the annual cost of natural disasters to taxpayers and insurers to double every five to ten years. A shift in focus to prevention and reduction is urgently needed,” Anderson maintains. The IBC plan consists of three areas, establishing a Natural Disaster Protection Fund, expanding the government’s existing Disaster Financial Assistance Arrangements, and promoting a culture of disaster preparedness. “Canada does a great job responding to natural disasters, however, with foresight, planning and timely investment we can save more lives and property,” says Anderson.