FOCUS AREA:
FLOOD INSURANCE
The viability of flood insurance is often debated among insurers, consumers and government flood management authorities in the aftermath of major flood events. Through research and dialogue with diverse stakeholders, P4A provided recommendations for a means to de-risk the Canadian residential property market from the increasingly negative impacts of overland flooding.
Throughout its tenure, P4A leadership and affiliated faculty have provided expert advice and policy recommendations on the topics of developing a national flood insurance program and alternative approaches to risk sharing, notably serving on the Government of Canada's Task Force on Flood Insurance and Relocation, sponsoring convenings with industry experts such as CatIQ Connect, and leading panel discussions.
Flood insurance: De-risking the residential property market in Canada
Priorities for Advancing Flood Resiliency in Canada
In 2013, a two-phase process was engaged to determine means to de-risk the Canadian residential property market from the increasingly negative impacts of overland flooding. This effort involved a diverse group of stakeholders, including property and casualty insurers, government policymakers, flood risk experts, professional associations, businesses, and the legal community. This report focuses on phase two of this project which included a survey of 18 flood stakeholders that provided their views regarding the urgency to act upon 14 flood insurance conditions.
Assessing the Viability of Overland Flood Insurance
This report was part of phase one of a two-phase process to de-risk the Canadian residential property market from the increasingly negative impacts of overland flooding. This project’s purpose was to understand the viability of overland flood insurance in Canada by considering the risks and opportunities for the property and casualty insurance industry. Canada is the only G8 country where homeowner insurance for overland flood damage is not available. This report addresses this gap by utilizing structured interviews with senior executives of Canada’s largest insurance companies.