Skip to main content

Streetwise Technology helped business deals survive Alberta's floods

Local store fronts are under water in downtown High River, Alta.

Chris Bolin/The Globe and Mail

More than five million work hours were wiped out during the June floods that devastated parts of Southern Alberta, according to Statistics Canada figures.

But thanks to the advantages of modern technology, those economic losses didn't hurt merger and acquisition activity too much.

The flooding had "little or no impact" on deal-making, said Nicolas Marcoux, national deals leader at PricewaterhouseCoopers. "We closed on deals from remote."

Story continues below advertisement

The major productivity losses identified by Statscan were concentrated in resources companies, but other industries such as finance and businesses services also posted net losses in hours worked, which hurt the country's gross domestic product. The impact on Canada's June GDP could be more than 0.3 per cent, Benjamin Reitzes, senior economist at BMO Nesbitt Burns, said in a note. That's larger than some initial estimates, "since the losses were concentrated in mining, oil and gas," he said.

Mr. Reitzes full table breaks down time lost across various business sectors, and finance falls in the middle with insurance, real estate and leasing.

There's no doubt property and casualty insurers are certainly feeling the impact more directly. The rain and flooding in Alberta cost them about $2-billion (U.S.) – the highest insured loss ever recorded in Canada – according to a recent report by reinsurance company Swiss Re.

To put that in perspective, there was $20-billion of losses related to natural or man-made catastrophes insured across the world last year by Swiss Re's assessment.

Report an error Editorial code of conduct
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

Cannabis pro newsletter