The Insurance Bureau of Canada will test a new flood risk assessment tool in Hamilton. The tool is eventually expected to help residents nationwide to insure their property against flood damage. The organization have worked on a flood risk map of the city for two years using climate data, insurance claims and city information on resident claims, underground infrastructure and hydrogeology, reports Hamilton Spectator.
Robert Tremblay, research director for the industry association said the bureau started to work with Hamilton in 2009, and since then 10 more cities have joined the initiative.
The tool will be available for insurance companies from 2013. At the moment overland flooding is not insurable in Canada, and insurers rely mostly on claims history to determine sewer backup coverage. Using the new tool will enable insurance companies to
take into account city infrastructure improvements. The map could also help the city to prioritize new projects, said John McLennan, head of Hamilton’s risk management.
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