PERILS AG, the Swiss-based catastrophe insurance data provider, has formed a strategic alliance with Toronto-based Catastrophe Indices & Quantification (CatIQ) to provide Canada with industry loss data.
The strategic partnership will see data for Canadian natural catastrophes with a market loss of CAD300 million (USD230mn) or above compiled by CatIQ and made available via the PERILS Industry Loss Index Service.
Luzi Hitz, Chief Executive Officer (CEO) of PERILS, commented; “Providing CatIQ data through the PERILS Industry Loss Index Service fits perfectly with our mission to increase data availability for the insurance industry. The firm’s excellent market reputation has enabled it to secure the support of most of the Canadian general insurance sector.
“It also reinforces our ability to provide a one-stop-shop for state-of-the-art industry loss triggers, thereby helping to increase the efficiency of this specialised risk transfer market.”
PERILS said loss data will be available by Canadian province in private property, commercial property and motor hull (Auto) and will follow its standard reporting schedule, with the first loss report made 6 weeks after the event, followed by at least three updates 3, 6, and 12 months on.
PERILS explains that the partnership includes all natural disaster events that Canada is exposed to, which includes flooding, earthquakes, storms, wildfires, and volcanic eruptions.
Joel Baker, Founder and CEO of CatIQ, added; “We consider this a win-win-win for ourselves, PERILS and the markets we serve. The CatIQ team looks forward to working closely with our new partner, PERILS, to bring additional innovative solutions to the global market.”
CatIQ collects event loss data from affected Canadian insurers; the collaboration with PERILS comes into effect immediately, providing a platform for bringing Canadian analytics and loss indices to the wider risk transfer market.
