Ottawa has been in talks with the insurance industry about a national plan for overland flood coverage since the 2013 floods in Calgary and High River, Alta.
, James Davies, an economics professor at the University of Western Ontario who specializes in disaster financing, warned that insurance schemes need to be designed to avoid reconstruction in high-risk areas.
Although the insurance industry expects to pay out $515-million in claims related to B.C.’s recent floods and mudslides that were triggered by extreme rainfall, at least half of the homes that were damaged were not eligible for insurance. By default, the federal and provincial governments end up, through disaster assistance plans, bailing out homeowners who have not been able to obtain private flood insurance.
Climate change is increasing the risks of ever greater disasters, and with that, the federal government’s financial exposure through its Disaster Financial Assistance Arrangements program is growing.
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