June 20th, 2013 was a memorable day for me, not just because I got married that day, but also because it was the beginning of the biggest insured loss in Canadian history – the floods in and around Calgary, Alberta.
With an insured loss estimate of close to $2 billion, this was indeed a wake-up call for the industry and government on the need for an effective flood program for Canada. Indeed, we are the only country in the G8 without one. Two weeks later, a flash rainfall in Toronto, Ontario caused nearly a billion dollars damage.
For those watching from afar, the images displayed daily were evidence that the water had wreaked havoc on everything it touched. Some lost their homes; and many are still unable to return to normal. It is a testament to this industry to see the herculean effort of approximately 5,000 insurance professionals roll up their sleeves and help those in need. Swiss Re played its part by sharing our very cool CatNet tool with our clients to determine their exposure and loss estimates.
Many of us were affected by these events personally; and while we are still sopping up, we can take great pride in the fact that Swiss Re is at the forefront providing our research, expertise and thought leadership on this topic.
Category: Climate/natural disasters: Disaster risk