Insured Losses From Southern Ontario Flooding Estimated To Exceed $25M

Aon Benfield’s catastrophe model development team, Impact Forecasting, is estimating total economic and insured losses in the tens of millions (U.S. dollars) for the recent flooding in southern Ontario. Catastrophe Indices and Quantification Inc. (CatIQ) told Canadian Underwriter in late February that it does expect insured losses to exceed $25 million, but did not anticipate insured loss figures until mid to late March. The flooding in southern Ontario was prompted by heavy rainfall associated with a storm system in the United States, Impact Forecasting wrote in its Global Catastrophe Recap report for February, released Thursday.