# Aon data empowers Unica to offer flood insurance for $5.2bn Canadian peril
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2016-10-11
Category: INSURANCE
Category URL: https://financedigest.com/category/insurance
Meta Title: Get WATERtight™ Flood Insurance Coverage Now!
Meta Description: Protect your property from water damage with Unica Insurance Inc.'s new flood insurance offering, WATERtight™, based on insights from Aon Benfield's
URL: https://financedigest.com/aon-data-empowers-unica-to-offer-flood-insurance-for-5-2bn-canadian-perilhtml

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

[Impact Forecasting](http://www.impactforecasting.com), Aon Benfield’s catastrophe model development team, has enabled Unica Insurance Inc.to offer new a flood insurance called WATERtight™ following the devastating natural catastrophe events of 2013. [Aon Benfield](http://www.aonbenfield.com) 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](https://www.financedigest.com/short-bowel-syndrome-market-higher-growth-rate-forecast-2020-2030.html "Short Bowel Syndrome Market Higher Growth Rate & Forecast 2020 – 2030") 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](https://www.financedigest.com/how-data-is-revolutionising-car-insurance.html "How data is revolutionising car insurance") can underwrite flood.  It’s rewarding to see the data already having an impact with Unica launching a new flood [insurance cover](https://www.financedigest.com/understanding-the-different-types-of-car-insurance-covers.html "Understanding The Different Types Of Car Insurance Covers") in Ontario, Canada based on the insights. This collaboration really underpins [Impact Forecasting’s](https://www.financedigest.com/covid-19-is-impacting-the-high-speed-steel-market-size-business-revenue-forecast-leading-competitors-and-growth-trends-2031.html "COVID-19 Is Impacting The High Speed Steel Market | Size, Business Revenue Forecast, Leading Competitors And Growth Trends 2031") 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](https://www.financedigest.com/partnerships-to-be-the-focal-point-of-medical-and-industrial-gloves-market.html "Partnerships to be the focal point of Medical And Industrial Gloves Market") 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](https://www.financedigest.com/fx-hedging-strategies-to-protect-your-business.html "FX hedging strategies to protect your business") alike.”

The model, which covers a geographical area representing 98% of the Canadian population, also enables [insurers to understand](https://www.financedigest.com/understanding-asia-pacific-insurance-regulation-is-key-to-growth-says-aon.html "Understanding Asia Pacific insurance regulation is key to growth, says Aon") 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](https://www.financedigest.com/matchly-the-us-fintech-platform-that-enables-employees-to-access-their-401k-employer-match-raises-1-7m-in-pre-seed-round.html "Matchly, the US fintech platform that enables employees to access their 401(k) employer match, raises .7m in Pre-Seed Round") ELEMENTS.


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