TORONTO, Feb. 13, 2014 /CNW/ - "Today's announcement of the $14 billion Building Canada Fund is another positive step taken by the federal government to tackle the country's aging infrastructure," said Don Forgeron, President and CEO, Insurance Bureau of Canada (IBC). "We are very encouraged to see this announcement and look forward to the full details of the Canada Building Plan, expected in the Spring."
In 2013, a number of Canadian communities suffered record losses as a result of natural disasters. The insurance industry and many levels of Government have provided much needed support to help in the re-build. "The country needs measures to prevent these disasters from happening in the first place. The Canada Building Plan will help in that regard," Forgeron said.
Canada's property and casualty insurance industry manages the risks inherent in home, business and automobile ownership. The 2013 year-end severe weather insured loss totaled $3.2 billion, which is the highest in Canadian history. The losses of 2013 came after four years in a row of natural disaster losses for the insurance industry that hit the $1 billion mark.
About Insurance Bureau of Canada (IBC)
IBC is pleased to celebrate 50 years as a valuable resource for insurance information. Since 1964, IBC has worked with governments across Canada to make our communities safer, championing issues that directly affect Canadians and the property and casualty (P&C) insurance industry. IBC is the national industry association representing Canada's private home, car and business insurers. Its member companies represent 90% of the P&C insurance market in Canada. The P&C insurance industry employs over 118,600 Canadians, pays more than $7 billion in taxes and levies to the federal, provincial and municipal governments, and has a total premium base of $46 billion.
If you require more information, IBC spokespeople are available to discuss the details in this media release.
SOURCE Insurance Bureau of Canada