CatIQ Provides Comprehensive Insured Loss Estimates on all Canadian Catastrophes since 2008
Toronto (January 28, 2016) – Catastrophe Indices and Quantification Inc. (CatIQ) is pleased to announce the release of catastrophic insured loss estimates from 2008-2012.
Now available on CatIQ′s Platform (www.catiq.com), this release brings CatIQ′s detailed database to 69 catastrophic events (CATs)1 along with an additional 70 notable events (NEs)2 from Jan 1, 2008 to the present. Incurred losses relating to all events over the past eight years exceed C$11 billion, averaging C$1.4 billion per year (on a nominal basis). This rich dataset will prove invaluable to the Canadian and global insurance/reinsurance/ILS industries as well as other stakeholders dealing with catastrophe management.
With the overwhelming support CatIQ receives from the insurance industry3, CatIQ is confident that its loss estimates are by far the most accurate and reliable in the market.
The CatIQ Platform provides GIS footprints, postal codes, meteorological & damage information, photos, videos and related media for both CATs and NEs, along with comprehensive insured industry loss estimates for CAT events, specifically. CatIQ’s industry loss estimates are based on surveys of the overwhelming majority of affected insurers and can be accessed in Bulletin View, CatHUB View, Query View and the Analysis Dashboard. Additionally, companies who submit data are able to compare industry CAT losses to their own losses.
With almost 140 events catalogued which can be overlaid and analyzed, there is an unparalleled wealth of knowledge available on our platform. There are so many interesting statistics and trends which can be used to explore known catastrophe risk to specific locations all across Canada by event type, loss size and specific peril, states Carolyn Rennie, CatIQ′s Director of Catastrophic Loss Analysis.
We owe a debt of gratitude to all the participating insurers and to the members of CatIQ′s industry advisory committee whose input continues to be invaluable.
CatIQ will be running an exclusive WebEx for subscribers on February 26th:
Canadian Catastrophes in Review
1 Catastrophes (CATs) are events which impact multiple insurers and insurance companies causing property damage with losses great than $25M
2 Notable events (NEs) are events which do not meet the CAT threshold but still cause significant property damage with losses between $10M and $25M (estimated at $17.5M)
3 CatIQ’s current participation rate amongst Canadian insurers exceeds 80% when measured on a DPW basis.