Global catastrophe risk modeller CoreLogic has announced the availability of its Canada Flood Risk Score and its Weather Verification Services for hail in Canada, enabling underwriters to provide full coverage for clients while underwriting smart policies for their book of business.
CoreLogic’s Flood Risk Score is a rating system that is based on more than a decade of experience and which helps insurers assess properties for potential risk of flooding from riverine, flash and coastal events.
The modeller states that by utilising Flood Risk Score, insurers can streamline underwriting processes, mitigate loss, and also provide appropriate premiums and deductibles based on a holistic assessment of risk.
CoreLogic’s Weather Verification Service for hail verifies the presence of hail at an insured location, which enables insurance companies to improve client satisfaction and build loyalty by settling claims in a more efficient manner.
The firm explains that from 1900 to 2016, flood events in Canada have outranked all types of natural disasters in terms of both frequency and monetary losses, and, over the past 30 years, the costs have been increasing.
The result of this, is the offering of more flood protection to consumers and as a result companies are assuming more flood exposure on their balance sheets, underlining the need for flood models and analytics that assist with the understanding of the peril.
The Hail Weather Verification Service for Canada enables insurers to see the geographical extent during and after hail events at both the national and property level, and also to receive proactive hail event notifications on policies that have been impacted.
Mark Drollinger, senior product manager at CoreLogic, commented: “Expanding our Flood Risk Score and Weather Verification for hail data into Canada allows our underwriter and carrier neighbors to the north to have the best of both worlds, providing full coverage for their clients while also underwriting policies that are smart for their book of business.
“These easy-to-integrate, affordable solutions allow carriers to consume flood and hail event information for a specific location and ensure better policy and risk decisions can be made.”