CatIQ, a subsidiary of Zurich-based PERILS AG, has released its Canadian Insurance Industry Exposure Database (IED) for 2024, revealing that CAD 19 trillion worth of insured property assets are exposed to natural perils.
This represents an 11.3% increase from the previous year, consistent with trends observed by PERILS AG across European markets in its latest update.
The CatIQ IED also highlights continued growth in insured assets for personal lines overland flood insurance, showing a 12% rise in the total number of insured risks and an 18% increase in flood insurance sums to CAD 7.3 trillion. In 2023, insured assets for personal flood exposure amounted to CAD 6.2 trillion.
Drawing data from comprehensive submissions from most of Canada’s insurance market, the CatIQ IED now includes 2023 year-end estimates of Canadian industry property sums insured.
Laura Twidle, President and CEO of CatIQ, noted, “The growth in flood insured assets is a positive sign for the Canadian industry as it indicates that take-up rates are improving for this particular peril which in turn helps to close the protection gap further. I would like to take this opportunity to thank all our participating insurers for their support in the production of this database.”
Christoph Oehy, CEO of PERILS, added, “I congratulate the CatIQ team for the successful release of the Canadian IED 2024. The high-resolution market exposure and loss data support several unique applications, including model validation, vulnerability insights and market benchmarking. Furthermore, such detailed data facilitate risk transfer via industry loss-based re/insurance products.”
