‘Where’s that money going to come from’: Insurers, government back away from disaster relief

September 11, 2017 at 11:46 am Leave a comment

With the federal government looking to play a smaller role in covering the costs of natural disasters, and private insurers declaring some homes built in some high-risk areas are uninsurable, the question of who will pay for storm damage is becoming a more pressing issue.

In the U.S., which continues to be pounded by powerful hurricanes and storms, the government will be spending billions on recovery. In Texas alone, the government has estimated the financial toll of the floods caused by Hurricane Harvey could be between $150 billion and $180 billion.

But with bigger and more intense storms hammering Canada because of climate change, it too faces increasing financial pressures. Provinces that in the past relied on Ottawa to cover those costs may find it more challenging to receive disaster assistance.

Read ‘Where’s that money going to come from’: Insurers, government back away from disaster relief by Mark Gollom at CBC News.

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Entry filed under: Climate, Economy, Emergency Preparedness.

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