The program aims to monitor, predict and alert customers to risks such as water leaks, pipe freezing and critical temperature changes.

John Mulvihill, president and chief executive officer of HSB Canada commented: “Water is the ‘new fire’, with billions of dollars paid out in commercial water damage claims each year.

“HSB Canada is on a mission to drastically reverse this trend, using its extensive equipment data and experience with IoT-based systems to offer an early warning system for insurers and insureds.”

HSB Canada offers its IoT services through insurers and risk pools, installing sensors at commercial locations to monitor for conditions that pose risks.

HSB’s Sensor Systems were first installed in the US and have saved customers millions of dollars in potential losses by mitigating property damage from water and frozen pipe leaks.

Since 2016, HSB’s IoT programs for business, industry, institutions and homes have collected more than 13 billion sensor readings from client locations.

Gareth Hill, vice president finance and chief financial officer, Non-Life at Munich Re of Canada added: “Water escape losses in commercial buildings can be costly and disruptive. We’re confident that Sensor Systems by HSB will help predict and reduce such losses in our own building and mitigate impact to our tenants.”

Source: Reinsurance News