New flood data will boost breadth of coverage in Canada
Impact Forecasting, the catastrophe model development team of Aon Benfield, has enabled Unica Insurance to offer new flood insurance coverage from a catastrophe model created following the widespread flooding in Canada in 2013.
The cover, WATERtight, uses an Impact Forecasting flood model and calculates an insurer’s primary rates by identifying the flood risk around individual properties.
The flood insurance now offers coverage for damage caused by overland flooding, ground water, surface water and sewer backup.
Impact Forecasting’s flood model covers a geographic area representing 98 percent of the Canadian population.