IBC Supports Federal Government's Funding for Infrastructure

Mar 21, 2013, 19:38 ET from INSURANCE BUREAU OF CANADA

TORONTO, March 21, 2013 /CNW/ - Insurance Bureau of Canada (IBC) applauds the Federal Government on its long-term commitment to infrastructure funding in the 2013 Federal Budget.

The budget, delivered today, dedicates $53.5 billion over the next 10 years for provincial, territorial and municipal infrastructure. 

IBC is pleased to have worked with the Federation of Canadian Municipalities and other stakeholders to urge the Government to make a priority of critical infrastructure spending. IBC is committed to working with all levels of government and stakeholders to ensure that storm and waste water infrastructure are priorities in the expanded program.

Chris White, Vice-President, Federal Affairs, IBC, welcomes the investment in Canada's aging infrastructure, "As severe weather becomes more common in Canada, updated storm and waste water infrastructure is essential for municipalities. Because of the devastating human and economic impacts of severe weather, home, car and business insurers have made climate adaptation a top priority. We're pleased to see the federal government helping fund this vital challenge."

IBC will continue advocating for increased infrastructure funding and other adaptation measures to help protect Canadian families, homes and businesses against severe weather.

Canada's property and casualty insurance industry manages the risks inherent in home, business and automobile ownership.  The industry creates tens of thousands of jobs, pays billions in taxes and contributes to the economic health of urban and rural communities.

Through IBC, the P&C insurance industry is a leading advocate for many issues, including climate adaptation, financial literacy, road safety, the fight against insurance fraud and auto theft, and maintaining balanced regulation of financial services.

About Insurance Bureau of Canada Insurance Bureau of Canada is the national industry association representing Canada's private home, car and business insurers. Its member companies represent 90% of the property and casualty (P&C) insurance market in Canada. The P&C insurance industry employs over 114,000 Canadians, pays more than $7 billion in taxes to the federal, provincial and municipal governments, and has a total premium base of $40 billion.

To view media releases and information, visit the media section of IBC's website at www.ibc.ca.