Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.


WATERtight™ provides a single-solution coverage for water damage losses

Impact Forecasting, Aon Benfield’s catastrophe model development team, has enabled Unica Insurance offer new a flood insurance called WATERtight™ following the devastating natural catastrophe events of 2013. Aon Benfield is the global reinsurance intermediary and capital advisor of Aon plc (NYSE:AON).

After Calgary experienced USD5.2 billion of economic damage from floods in 2013 – plus an additional USD1.7 billion in Toronto – it triggered demand for river flood insurance for personal lines which had historically been covered by the government. With a new catastrophe model, Impact Forecasting stepped in to help insurers better understand this risk and seize the opportunity of developing sustainable and affordable flood insurance products.

By taking data on frequency, severity and location from the model, Impact Forecasting was able to help Unica calculate its primary rates by identifying the flood risk around individual properties. Now, WATERtight™ is offering coverage for damage caused by overland flooding, ground water, surface water and sewer backup through Unica’s Homeowners, Condominium, Seasonal Homeowner, Tenant and Rented Dwelling products.

SarkaCerna, Impact Forecasting’s Business Development Representative, commented: “Impact Forecasting’s model and data is transforming how insurers can underwrite flood.  It’s rewarding to see the data already having an impact with Unica launching a new flood insurance cover in Ontario, Canada based on the insights. This collaboration really underpins Impact Forecasting’s commitment to Canada for the long term.”

Martin Delage, President and COO of Unica, explained: “Impact Forecasting’s data has been critical to improve our understanding of the flood risk in Canada which has become an increasingly important focal point for the industry as we seek new ways to mitigate future loss.  Equally, it has enabled us to offer protection from flood damage for an affordable property premium for families and businesses alike.”

The model, which covers a geographical area representing 98% of the Canadian population, also enables insurers to understand the impact of accumulations on their portfolios, structure reinsurance cover and fulfil regulatory and rating agency requirements. It provides model licensees with full transparency and access to the model components via Impact Forecasting’s loss calculation platform ELEMENTS.

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!

By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts