TORONTO, March 30, 2016 /CNW/ - Insurance Bureau of Canada (IBC) today announced the transfer of intellectual property rights for its municipal risk assessment tool (MRAT) to Tesera Systems Inc. (Tesera).
Since 2010, IBC has retained the professional services of Tesera to support the design, development, prototyping and piloting of MRAT for use by municipalities across Canada. Since then, the MRAT project team has successfully demonstrated the tool's utility in supporting national efforts to adapt to climate change.
MRAT, the only tool of its kind, is a made-in-Canada innovative solution to help communities be more resilient and adaptable to climate change. MRAT combines information about municipal infrastructure, current and future climate, and municipal flood damage claims to give communities new, revealing insights into infrastructure vulnerabilities and the risks they face from extreme weather events.
IBC selected Tesera to assume ownership and operation of MRAT effective April 1, 2016. Tesera will continue to work with municipalities, in collaboration with IBC and other organizations, leading to a nation-wide launch of MRAT. Tesera and IBC will announce the details of the launch in the near future.
"MRAT has helped IBC raise awareness of the impact of severe weather on our communities," said Sally Turney, Vice-President, Communications, IBC. "We recognize that storms and floods are already adding up to significant costs for Canadians; disaster relief spending has increased almost 40-fold in about 40 years. MRAT has shown local communities that there is an urgent need to build strong infrastructure to withstand changes to the weather. We are taking a leadership role and collaborating with federal and provincial governments to develop a coordinated, private-public response to the growing national flood problem."
Bruce MacArthur, President and CEO, Tesera, added, "The Tesera team is privileged to have this opportunity to work with municipalities to develop improved climate-resilient infrastructure and direct changes in land use that will make them less susceptible and more resilient to flood damage. MRAT will help identify the smart infrastructure investments needed today to minimize the risk posed by future severe weather events. By making the right decisions now, MRAT can help build stronger communities for the future."
The initial focus of MRAT will be on helping municipalities identify specific risks and vulnerabilities in their sewer and stormwater infrastructure. It will help cities to prioritize their capital infrastructure investments, adjust service levels and support requests for municipal infrastructure dollars. MRAT will allow communities to more rapidly respond and adapt to the extreme weather events caused by climate change, thereby reducing damage from sewer backups and basement flooding, now and in the future.
About Insurance Bureau of Canada
IBC is the national industry association representing Canada's private home, car and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, car and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.
P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 120,000 Canadians, pays $8.2 billion in taxes and has a total premium base of $49 billion.
About Tesera Systems Inc.
Tesera is an employee-owned consulting services company. Operating since 1997, Tesera helps businesses and organizations understand and manage the opportunities and risks associated with our changing environment. Using unconventional and collaborative thinking, Tesera builds cost-effective, agile, easy-to-use software and analytics solutions to improve business and environmental outcomes.
SOURCE Insurance Bureau of Canada
For further information: Bruce MacArthur, President and CEO, Tesera Systems Inc., Direct: 403-851-9904, Toll-free Canada/U.S.: 1 866 698 8789 ext. 2, email@example.com; Steve Kee, Director, Media & Digital Communications, Insurance Bureau of Canada, 416-362-2031 ext. 4387, firstname.lastname@example.org