May 7, 2018
The Co-operators becomes first Canadian insurer to offer storm surge flood coverage
GUELPH, ON, May 7, 2018 /CNW/ - Today, The Co-operators announced the addition of storm surge coverage to its Comprehensive Water product, becoming the first and only insurer in Canada to offer it. Waves caused by storms and hurricanes, known as storm surges, present a significant flood risk, especially in coastal regions where extreme weather patterns have noticeably intensified with the changing climate. Until now, storm surges have been uninsurable.
"Overland flooding has been identified as the most pervasive and costliest cause of damage to Canadian homes, yet most are inadequately protected against this growing risk. As a co-operative, it's our priority to protect the financial security of Canadians. This is why we first introduced overland flood insurance in Canada," said Rob Wesseling, president and CEO of The Co-operators. "Now, with the inclusion of storm surge coverage, we're adding another layer of protection and providing peace of mind for those who need it most."
Comprehensive Water is the only overland flood insurance in Canada available to those at the highest risk of flooding. Homeowners in British Columbia and Nova Scotia can now add this coverage to protect against the most common causes of water damage: overflowing lakes, rivers and creeks, sewer or septic backup, heavy rain and storm surge.
"The insurance industry has a critical role to play in building resilience in Canadian communities and addressing major risks like flooding," said Paul Kovacs, executive director, Institute for Catastrophic Loss Reduction. "It's encouraging to see companies like The Co-operators providing risk-appropriate options for coverage, while taking an active role in educating Canadians on their flood risk."
According to a study by Partners for Action Network, 94 per cent of Canadians living in high-risk flood zones are unaware of their risk. To get a personalized flood assessment, Canadians can visit water.cooperators.ca.
In 2015, The Co-operators became the first Canadian insurer to offer overland flood insurance in Alberta and expanded this coverage to Ontario in 2016. Today, more than a quarter of a million Canadians are covered by the organization's Comprehensive Water product. The flood model used by The Co-operators is recognized as one of the most advanced in Canada, and incorporates data on elevation, soil, rainfall, river flow, government-controlled defences like dams and channels, and other factors that help predict areas at risk of flooding.
Homeowners can add this coverage by contacting a local Co-operators insurance and financial advisor, using the "Find an Advisor" function at www.cooperators.ca.
About The Co-operators:
The Co-operators Group Limited is a Canadian co-operative with more than $41 billion in assets under administration. Through its group of companies it offers home, auto, life, group, travel, commercial and farm insurance, as well as investment products. The Co-operators is well known for its community involvement and its commitment to sustainability. The Co-operators is listed among the Best Employers in Canada by Aon Hewitt and Corporate Knights' Best 50 Corporate Citizens in Canada. For more information, visit www.cooperators.ca.
BACKGROUNDER: Flood facts and The Co-operators flood model
The Co-operators flood model
What factors go into assessing water risk?
Working with the world's most established and advanced flood risk modeling experts, we created a risk model that enables us to offer water damage insurance that includes overland flooding and risks associated with water, septic and sewer backup, accumulation of water from extreme rain, overflow from lakes, rivers and other nearby bodies of water, and storm surge or waves from a storm or hurricane.
This flood model is recognized as one of the most advanced tools in Canadian flood mapping. It incorporates data on elevation, soil, rainfall, river flow, government-controlled defences like dams and channels, and other factors that help predict areas at risk of flooding.
How is storm surge risk determined?
The risk of storm surge is assessed in many ways. This includes historical water and sea-level rise in coastal regions, digital elevation models and loss mitigation efforts.
Canadians can take action to protect themselves using the following tips:
1 2017. "Rising Waters, Difficult Decisions: Findings and Recommendations from the Calgary Flood Project" Mount Royal's Centre for Community Disaster Research http://www.mtroyal.ca/AboutMountRoyal/MediaRoom/Newsroom/report-unaware-flood-risk.htm
2 A 2014 IBC Survey
SOURCE The Co-operators
For further information: Nadia Stolfi, The Co-operators, 519-824-4400, ext. 302172, firstname.lastname@example.org