Using technology to manage catastrophes

The 2013 floods in Calgary caused an estimated $1.7 billion in insured losses. (Photo: Shutterstock)

The 2013 Calgary floods were the costliest in Canadian history, with overall damages estimated at $5 billion and insurable damages estimated at $1.7 billion. Massive amounts of rain, unexpected wind patterns, and two weather systems converged to create floods that affected 75,000 people, requiring the largest evacuation order in the city’s history. As flooding began, Canadian insurers scrambled to find policyholders who were in need of assistance and assess their exposures.

This case study describes how some customers used technology to gain the insights needed to proactively respond to the catastrophe. Guidewire Live Claim Canvas is a cloud-based analytics application that enables claims management and catastrophe response teams to view portfolio exposure in the context of other internal and external data.