RSA Canada expects claims of $75 million from Alberta floods

RSA Canada has said it expects to gross claims from the recent flooding in southern Alberta to be above reinsurance retentions of $75 million.

That means its net claims will be a maximum of $75 million, based on the severity of the event, although a complete assessment won’t be available for “some time,” the company said in an analyst advisory dated July 3.

“As the situation continues to evolve, our priority remains focused on providing the care and support to our customers, brokers and impacted local employees need to get back on track as quickly as possible,” the company said.

RSA also said it expects to achieve a combined operating ratio of better than 95% for the full year of 2013.

On Wednesday, rating agency A.M. Best Co. said it expects commercial lines, especially business interruption, to drive most of the insured losses from the flooding.