Today, the Government of Alberta released its 2024 Budget. Following the budget’s release, Aaron Sutherland, Vice-President, Western and Pacific, Insurance Bureau of Canada (IBC), issued the following statement:
“IBC commends the government on making new, targeted investments to bolster the province’s ability to prevent and respond to extreme natural events such as floods, droughts and wildfires. The unprecedented wildfires in 2023 were a sobering reminder of the challenges Albertans face each-and-every year from extreme weather events.
Between 2020 to 2023, extreme weather in Alberta resulted in $3.6 billion in insured losses. Last year was the third worst year for severe weather in Canadian history, with more than $3.1 billion in insured losses across the country. The investments announced in today’s budget will improve wildfire and flood mitigation, response, and recovery efforts, as well as will help build resilience to the weather-related risks Albertans face moving forward.
IBC is also encouraged to see a commitment in the budget to continue efforts to make auto and property insurance more affordable for Albertans. IBC looks forward to working with the government further in support of that objective.”
