June 30, 2016 by Canadian Underwriter
Flood Risk Canada, Inc. Wednesday announced the availability of a new digital platform that seeks to provide accurate and fast flood zone determinations for the properties in Canada.
The launch of www.floodzone.ca is meant to help meet the need for timely information in times of emergency. Users can receive accurate flood zone determinations within 24 hours and the product shows if a property is located in a high, moderate or low risk flood zone, notes a statement from the company.
“Timely information on the property’s flood risk, along with the accurate flood zone determinations, are the key to keeping homeowners, business property owners, lenders and insurers free from the liability and disruptions caused by flood related damages in Canada,” says Steve Gill, CEO of Flood Risk Canada.
The data is the end result of our advanced flood mapping technology and a selected team of certified flood plain managers in North America, Gill notes, adding that determinations “are audited for accuracy and meet a 99.9% accuracy standard.”
The focus of the flood risk management company – which offers smart flood risk assessment, prevention and mitigation solutions to commercial property owners and managers, financial institutions, insurance companies and other enterprises across the country – is true flood risk exposure, uninsured losses and liability.
In a report issued earlier this month, Swiss Re noted flood is clearly the number one peril in the country.
The company estimated a “perfect storm” flood scenario would result in economic losses of $13.8 billion and insured losses of $5.7 billion. The estimate of a 1 in 200-year flood represents almost three times the losses resulting from the flooding in southern Alberta three years ago.