Insurance Bureau of Canada's Municipal Risk Assessment Tool honoured for innovation by Water Canada Magazine
TORONTO, March 22, 2013 /CNW/ - Insurance Bureau of Canada (IBC) has been cited by Water Canada magazine for the innovative development of its Municipal Risk Assessment Tool (MRAT). MRAT combines insurance claims data, detailed information about municipal infrastructure and climate modeling to predict where there are vulnerabilities in systems that could lead to millions of dollars in sewer backup damage to homes and businesses.
The magazine said, "As we try to figure out our reaction to the potential impacts of climate change, this tool may hold many of our answers, or at least provide a basis for making the tough decisions that will have to be made."
Severe weather events, and the impact on our infrastructure, have been in the news more and more in recent years. IBC Senior Vice-President, Issues Management and Communications Mary Lou O'Reilly says, "Insurers are seeing the financial impacts of severe weather first-hand. Canadians are already witnessing the impact of severe weather in terms of lost lives and injuries, families displaced from their homes, and towns that are devastated."
IBC is a leader in advocating for adaptation to severe weather. Last year IBC commissioned "Telling the Weather Story" - a research paper from Dr. Gordon McBean, which looked at the impact weather could have in Canada in the future. Visit ibc.ca for a selection of brochures and a section of our website devoted to providing Canadians with practical tips about how they can improve their home's resiliency.
About Insurance Bureau of Canada
Insurance Bureau of Canada is the national industry association representing Canada's private home, car and business insurers. Its member companies represent 90% of the property and casualty (P&C) insurance market in Canada. The P&C insurance industry employs over 115,000 Canadians, pays more than $7 billion in taxes to the federal, provincial and municipal governments, and has a total premium base of $44 billion.
If you require more information, IBC spokespeople are available to discuss the details in this media release.
SOURCE INSURANCE BUREAU OF CANADA