Catastrophe Indices & Quantification Inc. (CatIQ) has released the annual update of its Canadian insurance Industry Exposure Database (IED), developed with the support of the Canadian P&C industry and in partnership with Zurich-based PERILS AG.
Launched in June 2018, CatIQ’s IED is based on exposure submissions from a majority of the Canadian Insurance market, and is updated annually in line line with PERILS’ methodology.
CatIQ produces industry loss estimates for windstorm, hail, fire, flood, sewer back-up, earthquake and volcanic eruption events and for personal, commercial and motor hull lines of business.
It covers any catastrophe that results in an industry loss greater than CAD $300 million, with updates provided three months, six months, and one year after the event, and after two years if the loss exceeds $500 million.
The loss dataset is now comprised of three major events, including the 2016 Fort McMurray Wildfire, the 2018 May Windstorm in Ontario and Quebec, and the Ottawa and Gatineau tornadoes of September 2018.
“The update of CatIQ’s Canadian IED and Loss platform will provide immense value to insurers, reinsurers, brokers and modelers,” said Joel Baker, CEO of CatIQ.
“The unprecedented level of detail available in the platform supports improved modelling, benchmarking and risk-transfer solutions,” he continued. “We are thrilled that several large insurers have joined the IED in 2018 and 2019 and that the market share of participating companies now stands over 60%.”
Eduard Held, Head of Products at PERILS, also commented: “The availability of both insured market exposure and market loss data, produced with the identical methodology and stemming from the same sources, ensures a high degree of consistency.”
“Such consistency is essential when combining the two datasets, be it for the validation of nat cat risk models or for performing exposure and loss benchmarking,” he added. “We are delighted that our partnership with CatIQ successfully led to such high-quality IEDs, benefiting the entire Canadian re/insurance market.”
CatIQ’s IED module is available as an add-on to CatIQ’s existing services, and can also be accessed with granular loss information on the PERILS platform.
In addition to Canada, PERILS’ Industry Exposure and Loss Database covers Australia, Austria, Belgium, Denmark, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Norway, Sweden, Switzerland, Turkey, and the UK.