The 2013 Alberta floods cost the province an estimated $6 billion, and more natural disasters may be imminent as the result of climate change.
In order to meet this growing demand for flood insurance, Willis Re has introduced new analytical tools that will help insurers “proactively manage Canada flood accumulations,” according to a Willis Re press release.
This solution was developed in conjunction with Willis Re’s partners KatRisk LLC and SpatialKey Inc., and will allow for effective flood modeling and accumulation. These processes will aid such insurance practices as underwriting, risk transfer, and determining Probably Maximum Loss (PML) figures.
The reinsurance advisors foresee a promising future for these analytical solutions.
"With the significant flooding events in both Calgary and Toronto over the past several years, market demand in Canada for a high quality, high resolution flood solution has never been greater,” said Geoffrey Lubert, Managing Director, Willis Re Canada. “Insurers need to leverage the latest science and analytical methods to evaluate and manage local and regional flood exposure. Our suite of flood solutions will provide significant improvements in how our clients proactively manage their flood accumulations here in Canada."
