Catastrophe model covers Canadian floods

Guy Carpenter & Co., L.L.C. has launched a probabilistic Canadian flood model, the New York-based unit of Marsh & McLennan Cos. Inc. announced Thursday.

Guy Carpenter said the model enables customers to evaluate both exposure to flood and the financial cost of a range of possible flood events, incorporating historic flood events such as the Alberta floods from two years ago.

Guy Carpenter said that floods are the most frequently occurring natural hazard in Canada. The June 2013 Alberta floods, which were among the worst in Canadian history, incurred insured losses estimated at 1.8 billion Canadian dollars ($1.43 billion), according to Guy Carpenter.