Insured and uninsured losses will be in the billions, in addition to the cost of repairing public infrastructure. [...] A forward- looking risk management plan through comprehensive property insurance and climate adaptation would reduce the need for governments to assume open-ended climate damage risk and related costs. [...] Without adequate flood, fire and other severe weather insurance coverage, property owners will inevitably seek government bailouts to restore the property to a livable state, or to pay for it to be abandoned. [...] Can the private sector bear the risk alone, or is government involvement required? And who will pay the premiums on high-risk properties, which are likely to be prohibitive. [...] According to the task force, the mandatory offer of flood insurance by insurers is a fundamental requirement for a successful flood insurance arrangement in Canada; voluntary purchase will not produce sufficient market penetration.
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