Changes to Canada’s Overland Flood Mapping
The snow is melting and the rain is falling, which means flood season in Canada is upon us. Up until recently, overland flooding was excluded on Canadian home insurance policies, with government programs kicking in place to cover damage where applicable. With flood losses at record highs in 2013 and the increasing threat of climate change, something had to be done to mitigate flood risk on a national level.
The previous flood mapping model proved ineffective due to outdated technology and inconsistencies. In response, IBC was tasked by the industry to accurately quantify the extent of flood risk and exposure in Canada.
IBC worked closely with LexisNexis Risk Solutions to lead the development of a new set of market-leading flood hazard maps and property-level exposure data, with LexisNexis® Map View. Using Map View, IBC can perform advanced analytics and reporting against millions of data points quickly and efficiently, and identify the number of properties at risk of flooding and the associated economic losses for virtually any geography in Canada.
JBA Risk Management, a partner of LexisNexis, produced the new mapping models, which now represent the most comprehensive and detailed set of Canadian flood maps. Read more about this ground-breaking partnership.
On April 7, the CIP Society’s ADVANTAGE Live webinar series will host the key players in this major advancement with representatives from IBC, LexisNexis Risk Solutions, and JBA Risk Management. This panel, which spans from Canada to the UK, will discuss the history of overland flooding in Canada, the advancements in mapping technology, and the best practices for using the new data for underwriting. Register today for this live education webinar that will address and answer your questions about the new flood mapping model in Canada.
Related: Overland Flood Mapping Trends Paper