CatIQ, a subsidiary of Zurich-based PERILS AG, and provider of catastrophe loss and exposure information in Canada, has released the annual update of its Canadian insurance Industry Exposure Data (IED), developed with the support of the Canadian P&C industry.
Launched in June 2018, CatIQ’s IED is based on detailed exposure submissions from a majority of the Canadian insurance market. Consistent with PERILS’ globally recognized methodology, CatIQ’s IED is updated annually from the ground-up.
CatIQ produces industry loss estimates for flood, fire, windstorm, hail, sewer back-up, earthquake and volcanic eruption events and for personal, commercial and motor hull lines of business.
It also covers any catastrophe that results in a loss greater than C$250 million.
The loss dataset is now comprised of seven major events, including the 2016 Fort McMurray Wildfire, the 2018 Windstorm in Ontario and Quebec, the 2018 Ottawa and Gatineau Tornadoes, the 2020 Fort McMurray Ice Jam Flooding, both the 2020 and 2021 Calgary Hailstorm, and the 2021 British Columbia Flooding.
Commenting on the announcement, Laura Twidle, Managing Director of CatIQ, said: “The industry, and other stakeholders, now have access to six years of exposure data. This is beneficial to the industry to better understand their catastrophe risk and where the insurance gaps exist.”
Luzi Hitz, CEO of PERILS, added: “The release of the latest Canadian IED update is due to the continued support of our data providing insurance companies to whom we are extremely grateful. It is also the culmination of considerable work undertaken by our team in Toronto. It completes another annual update of all markets covered by PERILS, which we believe remains the leading source of IEDs used in the industry.
“Given the increasingly challenging global risk environment, the release of the latest IEDs is very timely as it supports industry efforts to better understand Cat risks and also facilitates more effective industry loss based risk transfer.”
Furthermore, CatIQ’s IED module is available on CatIQ’s platform along with the Canadian catastrophe loss database. At the same time, CatIQ’s Canadian IED and granular loss information is made available on the PERILS platform.
In addition to Canada, PERILS’ database contains up-to-date information about property market sums insured exposed to natural perils in Australia, Austria, Belgium, Canada, Denmark, France, Germany, Ireland, Indonesia, Italy, Luxembourg, the Netherlands, New Zealand, Norway, the Philippines, Sweden, Switzerland, Thailand, Turkey and the United Kingdom.
