The damage caused by Sumas Valley flooding last year came with a $675 billion price tag for insurance companies.
It is too expensive to provide flood insurance in parts of the province that are prone to flooding. But waiting for disaster to strike and hoping that Ottawa or Victoria will come to the financial rescue isn’t a viable long-term resolution to the problem. Sutherland believes a private-public model maximizes what the private and public sectors have to offer. Government support would help make insurance premiums more affordable in high-risk residential areas, and insurance industry ex- pertise could provide important risk-mitigation strategies.
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