Too bad we didn't spend that 4.5 billion dollars on flood abatement instead of a useless pipeline.
Climate change is making insurers wary of Canada.
Canada is becoming a riskier place to insure, added Craig Stewart of the Insurance Board of Canada, the industry's national association.
"Insurance prices are affected by the cost of reinsurance and reinsurers have publicly stated that they do not think Canada is ready for climate change or has taken the cost of it seriously enough," he said.
Aging infrastructure is certainly a factor, but so too is under-built or inadequate infrastructure systems designed to deal with runoff, Stewart said. From the industry's perspective, both issues are the result of a "lack of preparedness" in Canada.
"It is part of the reason why Canada is a risky place to insure and why insurers have been tentative about entering the overland (flooding) insurance market," he said. "Particularly in urban areas, it is difficult to predict, based on the state of the ... stormwater infrastructure, what is going to flood and what isn't."