As extreme weather becomes more prevalent across Canada, water-related damage has become the primary source of property insurance claims. However, municipalities have not developed stronger capacity to anticipate and mitigate potential flood damage. A new paper from the Institute of Municipal Finance and Governance (IMFG) examines the tools that are available to cities to reduce their exposure to the risks of flood damage. According to the paper:
Climate change poses significant risks for Canadian municipalities, particularly in the form of extreme weather, such as severe thunderstorms, ice storms, hailstorms, windstorms, blizzards, and tornadoes. Canada’s major cities are especially vulnerable to extreme weather, due to their large, dense populations, valuable and geographically concentrated property, and complex, interdependent infrastructure networks, all of which are susceptible to threats from localized climate hazards.
Read the full paper here.