Guy Carp unveils Canada’s first probabilistic flood model

Broker Guy Carpenter has launched the first ever probabilistic flood model for Canada.

According to the broker, flooding is Canada’s most frequently occurring natural hazard.

The model will enable Guy Carp’s clients to evaluate both exposure to flood and the financial cost of a range of possible flood events. The model incorporates historical flood events, flood maps created using two hydraulic modelling techniques and a comprehensive view of river flood defences throughout the country.

“By launching the G-CAT Canada Flood Model, Guy Carpenter addresses the concern of extreme losses from natural hazards in Canada, such as flooding,” said Donald Callahan, president and chief executive officer of Guy Carpenter Canada. “To produce this state-of-the-art flood model for the Canadian insurance market, Guy Carpenter collaborated with experts in hydrological and hydraulic modelling to produce simulations for hurricane, rainfall and river flow flooding catastrophes.”

Mark Weatherhead, head of model development at Guy Carpenter, added: “The G-CAT Canada Flood Model is the latest in an array of country-specific flood models already developed by Guy Carpenter.

“As part of Guy Carpenter’s multi-year global flood initiative, the G-CAT Canada Flood Model provides clients with best-in-class flood hazard management capabilities and includes the ability to carry out exposure management, scenario testing and probabilistic flood assessment.”