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Wednesday, February 22, 2012

Insurance Claims Due To Severe Weather On The Rise

Water damage claims surpassing fire claims in home insurance payouts according to the President of the Insurance Bureau of Canada.

Don Forgeron says that is why the insurance industry, along with all levels of government, need to improve water and sewerage infrastructure in order to minimize the effects of severe weather

He says the failure of infrastructure is usually to blame in damages.

According to a 2007 study by the Canadian Federation of Municipalities and McGill University, Canada has a water and sewage infrastructure deficit of 31 billion dollars.

He says the IBC has developed the MRAT - a municipal risk assessment tool which identifies vulnerabilities in aging infrastructure -- and he is hoping more provinces will make use of the service.