Insurance Bureau Urges Action on Canadian Flood Risks

The group is calling for increased infrastructure spending as severe storms drive record-breaking insured losses.

Updated on Oct. 15, 2026 in Severe Weather

Insurance Bureau Urges Action on Canadian Flood Risks

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Should provincial governments make standardized flood risk data available to the public?

The Insurance Bureau of Canada is pressing the federal government to boost infrastructure investment and share critical flood risk data. This follows a string of costly weather events, including September storms in Ontario that resulted in $563 million in insured losses.

Why it matters

The bureau is advocating for proactive flood prevention and increased transparency to mitigate the impact of extreme weather. Currently, flood-related insured losses have surged by more than 300% over the last two decades, threatening both personal property and national infrastructure.

Storms in September 2026 caused $563 million in insured losses in the Greater Toronto Area and southern Ontario, while storms in Montreal in June 2026 cost $442 million. Across Canada, flood-related insured losses have risen over 300% in 20 years.

The players

Insurance Bureau of Canada

This is the national industry association representing Canada's private home, auto, and business insurers.

The details

The Insurance Bureau of Canada is promoting the use of the federal Flood Risk Finder, a four-point rating system completed in April 2026 that uses coastal, rainfall, and riverine data. However, implementation remains inconsistent, with Quebec, Manitoba, and Nova Scotia declining to participate in the tool that 94% of Canadian homes could otherwise access for insurance guidance.

April 2026: The federal government finished developing the Flood Risk Finder.
June 2026: Storms in Montreal caused $442 million in insured losses.
September 2-3, 2026: Storms in Ontario caused $563 million in insured losses.
October 14, 2026: The Insurance Bureau of Canada issued a call for infrastructure and data action.

Seasonal Patterns

The federal government's Flood Risk Finder serves as the primary benchmark for this push, though its effectiveness is currently limited by the fact that several provinces have opted out of the system.

Homeowners should check their current property coverage, as 94% of Canadian homes now have access to overland flood insurance. Residents in regions that have not opted into the national risk tool are encouraged to consult private brokers for specific address-level risk assessments.

The takeaway

Proactive investment in infrastructure is essential to keeping pace with the rising costs of climate-driven property damage. Canadians can improve their own resilience by ensuring their insurance policies specifically include overland flood protection.