TORONTO, ON, MAY 30, 2022/insPRESS/ – Disaster Indices & Quantification Inc. (CatIQ), a subsidiary of Zurich-based PERILS AG, at the moment launched the annual replace of its Canadian insurance coverage Industry Exposure Database (IED). Developed with the assist of the Canadian P&C {industry}, the IED now comprises 2021 year-end estimates of Canadian {industry} property sums insured.
As in earlier years, the database makes out there {industry} property sums insured, quantity of dangers and prevailing authentic insurance coverage circumstances by:
- Canada Publish Ahead Sortation Space (FSA)/CRESTA zone
- Peril (windstorm, hail, hearth, flood, sewer back-up, earthquake and volcanic eruption)
- Line of enterprise (private, business, and motor hull)
- Cowl sort (constructing, automobile, contents, enterprise interruption and extra dwelling expense, the place relevant)
The IED for the Canadian insurance coverage market exhibits a gentle development within the private line of enterprise. Because the begin of information assortment in 2016, there was a compound annual development price (CAGR) of 3.7% within the private line hearth whole sums insured. The private hearth publicity at the moment stands at CAD 9.3 trillion.
Launched in June 2018, CatIQ’s IED is predicated on detailed publicity submissions from a majority of the Canadian insurance coverage market. Per PERILS’ globally acknowledged methodology, CatIQ’s IED is up to date yearly from the ground-up. Additionally, with the assist of the collaborating insurers, CatIQ produces {industry} loss estimates on the FSA degree as follows:
- The identical perils, traces of enterprise and canopy varieties as listed above
- Any disaster that leads to an {industry} loss larger than C$250 million
This detailed loss dataset is now comprised of seven main occasions, together with:
- Fort McMurray Wildfire – April 2016
- Windstorm in Ontario and Quebec – Might 2018
- Ottawa and Gatineau Tornadoes – September 2018
- Fort McMurray Ice Jam Flooding – April 2020
- Calgary Hailstorm – June 2020
- Calgary Hailstorm – July 2021
- British Columbia Flooding – November 2021
Commenting on the announcement, Laura Twidle, Managing Director of CatIQ, mentioned: “The {industry}, and different stakeholders, now have entry to 6 years of publicity information. That is helpful to the {industry} to higher perceive their disaster threat and the place the insurance coverage gaps exist.”
Luzi Hitz, CEO of PERILS, added: “The discharge of the most recent Canadian IED replace is because of the continued assist of our information offering insurance coverage corporations to whom we’re extraordinarily grateful. It is usually the end result of appreciable work undertaken by our group in Toronto. It completes one other annual replace of all markets lined by PERILS, which we imagine stays the main supply of IEDs used within the {industry}. Given the more and more difficult world threat surroundings, the discharge of the most recent IEDs may be very well timed because it helps {industry} efforts to higher perceive Cat dangers and likewise facilitates more practical {industry} loss primarily based threat switch.”
CatIQ’s IED module is accessible on CatIQ’s platform together with the Canadian disaster loss database. Major insurers collaborating within the IED program obtain the IED module at no additional cost. Moreover, CatIQ’s Canadian IED and granular loss data is made out there on the PERILS platform.
Along with Canada, PERILS database comprises up-to-date details about property market sums insured uncovered to pure perils in Australia, Austria, Belgium, Canada, Denmark, France, Germany, Eire, Indonesia, Italy, Luxembourg, the Netherlands, New Zealand, Norway, the Philippines, Sweden, Switzerland, Thailand, Turkey and the UK.
About CatIQ
Toronto-based Disaster Indices and Quantification Inc. (CatIQ) is a subsidiary of Zurich- primarily based PERILS A.G. and delivers detailed analytical and meteorological data on Canadian pure and man-made catastrophes. Via its on-line subscription-based platform, CatIQ combines complete insured loss and publicity indices and different associated data to higher serve the wants of the insurance coverage / reinsurance / ILS industries, public sector and different stakeholders. www.catiq.com. CatIQ was established in 2014 with the assist of the overwhelming majority of the Canadian insurance coverage and reinsurance {industry} and is well known as probably the most dependable supply of disaster loss data in Canada. CatIQ additionally companions with MSA Analysis to host the Canadian disaster convention, CatIQ Join, join.catiq.com which is able to return to the Metro Toronto Conference Centre on Feb 7-8, 2023.
About PERILS AG
PERILS is an unbiased Zurich-based organisation offering industry-wide pure disaster publicity and occasion loss information. The PERILS Industry Exposure & Loss Database is accessible to all events through annual subscription. The database comprises {industry} property sums insured and occasion loss data on a CRESTA zone degree and per property line of enterprise. PERILS {industry} loss estimates offered through the PERILS Industry Loss Index Service can be utilized as triggers in insurance coverage threat transactions equivalent to {industry} loss guarantee contracts (ILW) or insurance-linked securities (ILS). The service at the moment covers the next 17 nations: Australia, Austria, Belgium, Canada, Denmark, France, Germany, Eire, Italy, Luxembourg, the Netherlands, New Zealand, Norway, Sweden, Switzerland, Turkey, and the UK. As well as, PERILS {industry} publicity information can be found for Indonesia, the Philippines and Thailand. The use of PERILS publicity and loss information aside from along with a legitimate PERILS License and based on its phrases, by a Licensee or an Licensed Consumer as outlined within the License, is prohibited and expressly forbidden.
Extra data could be discovered at https://www.catiq.com and https://www.perils.org
Contacts:
Laura Twidle Nigel Allen
+1 416 368 1723 x1 +44 7988 478824
laura.twidle@catiq.com nigel.allen@perils.org