The Insurance Bureau of Canada continues to push for a National Flood Insurance Program in high-risk areas through a partnership between governments and the insurance industry.

It says the national program would mean homeowners would have access to affordable flood coverage rather than relying on taxpayer-funded disaster financial assistance, which can take months or years to arrive.

“About 10 per cent of all Canadian households across the country are highly exposed to flooding but lack access to flood insurance,” the IBC said in a statement.

“As we saw in central Canada in 2017 and 2019, southern British Columbia in 2021, Newfoundland and Labrador in 2022 and Nova Scotia in 2023, the financial and emotional consequences for those in harm’s way are dire.”

Craig Stewart, the bureau’s vice-president for climate change and federal issues, says the atmospheric rivers saturating the B.C. South Coast this week reinforce the need to move forward with a national flood insurance program before the next federal election.

“With recent catastrophic events, such as the record-breaking 2021 BC floods that caused over $675 million in insured damage, insurers are ready to move quickly in partnership with governments to help protect those at highest risk of flood damage,” Stewart said.

“Most other G7 countries, like the U.K., U.S., and France already have such programs in place,” the IBC statement added.

The Insurance Bureau of Canada says B.C. has 200-thousand households at high risk of flood damage, the third-highest number among jurisdictions in Canada.

It also says a new survey of over 800 Lower Mainland residents across 10 federal ridings, found that 59 per cent of responded believe the federal government should do more to prepare for overland flooding.

The survey also showed that 74 per cent of residents surveyed feel that preparing for flooding events should at least be a moderate priority, while 34 per cent believe it should be a top or major priority.

“IBC understands why so many BC residents support the National Flood Insurance Program,” Stewart added.

“Canadian households at highest risk must have access to financial protection against flood damage in a time of rapidly growing climate risk.”

– With files from The Canadian Press