Impact Forecasting unveils Canada flood model
Impact Forecasting, Aon Benfield’s catastrophe model development team, has unveiled a fully probabilistic flood model for Canada.
The model, which is aimed at helping re/insurers better underwrite and manage their riverine and off-flood plain exposures, is licensable and can be rolled out onto insurers’ desktops for easy access.
Developed over the past two years by a team of flood and risk experts at Impact Forecasting, the model covers a geographical area representing 98 percent of the Canadian population.
Vaclav Rara, flood model developer at Impact Forecasting, added: “The model is unique in its spatial scope, geographical resolution and state-of-the-art hydrological innovation resulting in enhanced loss accuracy estimates. It allows essential understanding and transparency through access to underlying data and to the developers in Impact Forecasting for ongoing support.”
David Sloan, president and chief executive officer of Aon Benfield Canada, added: "While Southern Alberta and Toronto have diligently been rebuilding their communities following the staggering floods of 2013, our in-house catastrophe experts from across the globe have focused their efforts to develop a flood model for Canada from the ground up.
“Based on its release, I am thrilled that we are able to provide a high-quality tool that will hopefully transform how Canadian insurers underwrite and manage their flood risks both from a location level and aggregate accumulation perspective."
