Public Safety Canada and the Insurance Bureau of Canada ( IBC ) have jointly designed a public - private insurance mechanism that would cover the 10 per cent of Canadian properties that are at risk of repeated flooding . The insurance industry hopes to mitigate the risk of flooding by encouraging improvements in urban planning and upgrading infrastructure . The IBC paid for new flood maps to ensure accurate coverage and the industry has been working with municipalities on how to manage storm water . The industry has also funded a pilot for a municipal flood assessment tool in three cities . The sector also contributes funding to the Institute for Catastrophic Loss Reduction at the edge of Western Ontario .
Public Safety Canada and the Insurance Bureau of Canada (IBC) have jointly designed a public-private insurance mechanism that would cover the 10 per cent of Canadian properties that are at risk of repeated flooding.The insurance industry hopes to mitigate the cost of claims by encouraging improvements in urban planning and upgrading infrastructure. The IBC paid for new flood maps to provide accurate data and the industry has been working with municipalities on ways to manage storm water. The industry has also funded a pilot for a municipal risk assessment tool in three cities.The sector also contributes funding to the Institute for Catastrophic Loss Reduction at the University of Western Ontario.