Categories
CatIQ Announcements CatIQ Connect

Countdown to CatIQ Connect’s Catastrophes: 2020 Review, 2021 Preview Webinar

Toronto (January 4, 2021) – Looking back, 2020 will go into the history books as both one-of-a-kind and the same old, same old. While a global pandemic paused many aspects of our lives, catastrophes gave us no reprieve. Natural catastrophe records were broken globally, including some right in our backyard. Though 2020 was a year of exceptions in many ways, it falls right in line with the past decade when it comes to Canada’s increasing trend of annual catastrophic loss.

Canadian insured losses from catastrophic events in 2020 were nearly CAN $2.5 billion – CatIQ 

The years where annual catastrophic insured losses were below $1 billion seem to be a thing of the past; 2020 went one further and surpassed $2 billion in the first half of the year. The two largest events occurred in the second quarter. The Fort McMurray ice jam resulted in a 1 in 100-year flood event and caused a staggering $562 million of insured loss in the spring, and the June 13th Calgary hailstorm which pelted areas of the northeast with tennis ball-sized hail became the costliest hailstorm on record for Canada at $1.3 billion. These catastrophic events, which directly impact the public, require industry, academia and government to work together before, during and afterwards. In addition to its role as Canada’s loss and exposure indices provider, Catastrophe Indices and Quantification Inc. (CatIQ), in partnership with MSA Research, organizes a conference to foster such collaboration in Canada.  

CatIQ Connect, is a content-driven forum geared toward: 

  • Insurance/Reinsurance/Risk Transfer Professionals 
  • All Levels of Government 
  • Engineers/Restoration contractors
  • Academia/Researchers 
  • Risk Managers 
  • Other sectors/organizations dealing with resilience to catastrophes 

Session topics: 

  • 2020 ‘Catastrophes in Review’ by CatIQ
  • State of the Industry
    • Peter Askew, President & CEO, Guy Carpenter
    • Paul MacDonald, EVP, Personal Insurance, Economical Insurance
    • Monica Ningen, President & CEO, Canada and English Caribbean, Swiss Re
    • Moderated by Paul Kovacs, Executive Director, ICLR
  • The Future of Claims Adjusting
    • Bill Dietz, President Paul Davis Canada
    • Skip McHardy, EVP, CRU Group
    • Moderated by Christopher Bartlett, President of the CIAA and Supervisor – National Claims Management Centre, Crawford and Company
  • Impacts of the Supply Chain on the Insurance Industry
    • Darilyn Dorosz, General Manager, PDR Hail Team
    • Jim Gibb, Vice President, Installation Services, Peak Services
    • Ian McKay, AVP, National Accounts, Insurance Company Solutions, Verisk
    • Colin Young, AVP, JS Held
    • Moderated by Elizabeth Kepes, Claims Corporate Vendor Manager, RSA Insurance Group

With the in-person event, typically held in February each year, being suspended for 2021, CatIQ has developed a series of quarterly webinars to focus on top-of-mind themes for all CAT stakeholders. More than 330 delegates have participated since October in CatIQ Connect’s online format.

“Climate change is causing increasingly erratic and severe weather patterns across the globe and losses from secondary peril events are forecast to increase. The risk Canada faces from extreme weather is growing and the costs of natural catastrophes are rising,” said Dipika Deol, Swiss Re’s Head of Underwriting for Canada and English Caribbean. “Events like CatIQ Connect bring together all key stakeholders to discuss and develop the solutions that will protect communities against the impact of severe weather and increase resilience across all of Canada.”

Laura Twidle, Managing Director at CatIQ says, “We are happy to have been able to bring together catastrophe experts over the past year. As we all learned, mother nature does not sit back just because there is a pandemic. We must all continue to work together to prepare for a future with increasingly frequent extreme events.”

To learn more about CatIQ Connect, visit https://connect.catiq.com/

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Uncategorized

PERILS Acquires CatIQ

Zurich, 17 June 2019 – PERILS, the independent Zurich-based organisation providing industry-wide catastrophe insurance data, has today announced that it has acquired Toronto-based Catastrophe Indices & Quantification Inc. (CatIQ).

Established in 2014, CatIQ is widely recognised as the most reliable source of catastrophe loss and exposure information in Canada. The firm collects event loss and exposure data from the majority of the Canadian insurance market and provides an independent Industry Exposure & Loss Database for the region. The data are primarily used by re/insurers, ILS funds, intermediaries and modellers for market benchmarking, catastrophe risk model validation, and as triggers in industry-loss-based risk transfer products. CatIQ also works with several public bodies, as well as industry organisations such as The Insurance Bureau of Canada (IBC) and The Institute for Catastrophic Loss Reduction (ICLR).  

Based in Toronto, CatIQ will continue to be managed day-to-day by Joel Baker, CEO and Founder, while Laura Twidle, Managing Director, will continue to lead the CatIQ team. The firm will also maintain its eleven-member advisory board which includes senior representatives from six major Canadian primary writers and global reinsurers on a rotation basis, as well as permanent representatives from Aon, Guy Carpenter, IBC, ICLR and Canada’s federal agency Environment and Climate Change Canada.

Commenting on the acquisition, Luzi Hitz, CEO of PERILS, said: “We are delighted to be announcing our agreement with CatIQ. The firm’s excellent market reputation and steadfast commitment to enhancing the industry’s understanding of Cat risk has enabled it to secure the support of the majority of the Canadian general insurance market. Acquiring CatIQ is in line with our mission to increase data availability and strengthens our ability to provide state-of-the-art Cat intelligence and industry loss triggers, helping boost the efficiency of re/insurers, modelers and others as well as the specialised risk transfer market.” 

Joel Baker added: “In 2017, we entered into a strategic alliance with PERILS. That close collaboration was central to our ability to launch the FSA (CRESTA) level industry exposure database for Canada in 2018. Today’s announcement means that we can build upon this partnership to deliver CatIQ’s analytical platform and loss indices to the wider risk transfer market and offer additional innovative solutions to the Canadian and global markets. This is truly a win-win-win situation for all parties involved – CatIQ, PERILS and most importantly our clients.”

Laura Twidle added: “There is an almost seamless fit between PERILS and CatIQ both in terms of the activities that we conduct and the culture that we operate. Our industry mandates are perfectly aligned and by coming together our market proposition becomes even more appealing to the global insurance industry. CatIQ will also continue to play its part in promoting advancements in Cat management strategies through events such as the annual CatIQ Connect Conference, which we conduct in partnership with MSA Research Inc.”

About PERILS

PERILS is an independent Zurich-based organization providing industry-wide natural catastrophe exposure and event loss data. The PERILS Industry Exposure & Loss Database is available to all interested parties via annual subscription. The database contains industry property sums insured and event loss information for 15 countries on a CRESTA zone level and per property line of business. PERILS industry loss estimates, provided via the PERILS Industry Loss Index Service, can be used as triggers in insurance risk transactions such as industry loss warranty contracts (ILW) or insurance-linked securities (ILS). The use of PERILS exposure and loss data other than in conjunction with a valid PERILS License and according to its terms, by a Licensee or an Authorized User as defined in the License, is illegal and expressly forbidden.

www.perils.org

About CatIQ

Toronto-based Catastrophe Indices and Quantification Inc. (CatIQ) delivers detailed analytical and meteorological information on Canadian natural and man-made catastrophes. Through its online subscription-based platform, CatIQ combines comprehensive insured loss and exposure indices and other related information to better serve the needs of the insurance / reinsurance / ILS industries, the public sector and other stakeholders. CatIQ was established in 2014 with the support of the overwhelming majority of the Canadian insurance and reinsurance industry and is widely recognized as the most reliable source of catastrophe loss information in Canada.

www.catiq.com

More information can be found on www.perils.org

Contact

Nigel Allen

+44 7988 478824

nigel.allen@perils.org

Categories
CatIQ Platform

CatIQ Issues Annual Update of Insurance Industry Exposure Database for Canada, Developed in Partnership with PERILS

Toronto (May 9, 2019) – Catastrophe Indices & Quantification Inc. (CatIQ) today 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. The IED now contains 2018 year-end estimates of Canadian industry property sums insured.

 As in the 2017 and 2016 year-end datasets, the industry property sums insured are by:

  • Canada Post Forward Sortation Area (FSA)
  • Peril (windstorm, hail, fire, flood, sewer back-up, earthquake and volcanic eruption)
  • Line of business (personal, commercial, and motor hull)
  • Cover type (building, vehicle, contents, business interruption and additional living expense, where applicable)

 Launched in June 2018, CatIQ’s IED is based on detailed exposure submissions from a majority of the Canadian Insurance market. Consistent with PERILS’ methodology, CatIQ’s IED is updated annually. Also, with the support of the participating insurers, CatIQ produces industry loss estimates at the FSA level as follows:

  • The same perils, lines of business and cover types as listed above
  • Any catastrophe that results in an industry loss greater than C$300 million
  • At three months, 6 months, 1 year and, if industry loss exceeds C$500 million, 2 years after the event

 This detailed 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.

 Commenting on the announcement, Joel Baker, CEO of CatIQ, said, “The update of CatIQ’s Canadian IED and Loss platform will provide immense value to insurers, reinsurers, brokers and modelers.” He added that, “the unprecedented level of detail available in the platform supports improved modelling, benchmarking and risk-transfer solutions. 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, added: “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. 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, heralded as the most reliable source of CAT loss information in Canada. Primary insurers participating in the IED program receive the IED module at no extra charge. Furthermore, CatIQ’s Canadian IED and granular loss information is made available 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 United Kingdom.

 About CatIQ

 Toronto-based Catastrophe Indices and Quantification Inc. (CatIQ) delivers detailed analytical and meteorological information on Canadian natural and man-made catastrophes. Through its online subscription-based platform, CatIQ combines comprehensive insured loss and exposure indices, meteorological and GIS analytics and other related information to better serve the needs of the insurance / reinsurance / ILS industries, the public sector and other stakeholders. CatIQ was established in 2014 with the support of the overwhelming majority of the Canadian insurance/reinsurance industry and is widely recognized as the most reliable source of Cat loss information in Canada. CatIQ is affiliated with MSA Research Inc., Canada’s dominant provider of financial analytics covering the P&C and Life/Health insurance sectors.

 About PERILS AG

 PERILS is an independent Zurich-based organization providing industry-wide natural catastrophe exposure and event loss data. The PERILS Industry Exposure & Loss Database is available to all interested parties via annual subscription. PERILS industry loss estimates, provided via the PERILS Industry Loss Index Service, can be used as triggers in insurance risk transactions such as industry loss warranty contracts (ILW) or insurance-linked securities (ILS) and currently covers the following 16 countries: Australia, Austria, Belgium, Canada, Denmark, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Norway, Sweden, Switzerland, Turkey, and the United Kingdom. The use of PERILS exposure and loss data other than in conjunction with a valid PERILS License and according to its terms, by a Licensee or an Authorized User as defined in the License, is illegal and expressly forbidden.

 More information can be found at https://www.catiq.com and https://www.perils.org

 Contacts:

 Laura Twidle                                                   Nigel Allen

+1 416 368 0777 x30                                      +44 7988 478824

laura.twidle@catiq.com                                 nigel.allen@perils.org

Categories
CatIQ Connect

More Than a 35% Increase in Attendance Year-Over-Year at The Canadian Catastrophe Conference, CatIQ Connect

Toronto (February 7, 2019) – The fourth annual Canadian catastrophe conference, CatIQ Connect, was held over three days this week at the Metro Toronto Convention Centre. More than 270 delegates attended the event, including catastrophe risk professionals and emergency managers from across Canada, the United States, Belgium, the Czech Republic, Saudi Arabia, The Netherlands, and the United Kingdom. The number of participants at this event has increased by more than 35% year-over-year and signals the importance and relevance of catastrophe planning in Canada.

Delegates participated in a workshop developed with the Federation of Canadian Municipalities (FCM) on Day One. FCM will be able to use the valuable insights from the diverse attendees to support municipalities as Canada experiences more frequent disasters. Climate change information and how it can be used practically in the capital markets, building codes, and risk management were featured prominently in the conversation as well. “CatIQ Connect is the leading forum where public and private sector leaders meet to discuss action to better manage flood, earthquake, wildfire and other catastrophic risks in Canada,” said Paul Kovacs, Executive Director, ICLR. Further discussion included how different sectors prepared for and responded to recent disasters, such as the May windstorm, British Columbia flooding, and Ontario wildfires.

“As the frequency and severity of extreme weather events increases, Canadians are bearing the financial, social and emotional impacts. As risk experts, we understand the issues and have a responsibility to act,” said Barbara Turley-McIntyre, Vice President of Sustainability & Citizenship at The Co-operators. “Events like CatIQ Connect allow us to gather across sectors, share insights and work collaboratively to help build more resilient communities.” Jim Abraham, President, ClimAction Services Inc. added, “It is only through a collective effort that we can ensure our communities are resilient. CatIQ Connect enables the collective conversation and relationship building needed to make this happen.”

Nearly 25 organizations participated as sponsors or partners of the event, including CRU Group, The Co-operators, IBC, and Wood as Platinum Sponsors. Other sponsors included major reinsurance brokers, reinsurance companies, flood risk organizations, cat modelers, imagery specialists, and restoration companies.

The success of the 2019 CatIQ Connect event was driven by the oversight of an outstanding Steering Committee. Representation included:

  • Jim Abraham, 2019 President, ClimAction Services Inc.
  • Kris Bagchi, AVP, Reinsurance, TD Insurance
  • Ron Biggs, National Claims Director, RSA Insurance Group
  • Teresa Burgess-Ogilvie, Partnership Engagement Committee, IAEM Canada and Manager, Office of Emergency Management, City of Mississauga
  • Paul Cutbush, SVP Catastrophe Management, Aon
  • Jim Eso, SVP, Property and Casualty, Crawford & Company (Canada) Inc.
  • Dr. Blair Feltmate, Head, Intact Centre on Climate Adaptation, University of Waterloo
  • Deirdre Laframboise, Senior Manager, Knowledge and Sector Development, Green Municipal Fund, Federation of Canadian Municipalities
  • Glenn McGillivray, Managing Director, ICLR
  • David McGown
  • Megan Meaney, Executive Director, ICLEI Canada
  • Shawna Peddle, Director, Disaster Risk Reduction, Canadian Red Cross
  • Alison Porter, SVP, Treaty, SCOR Canada Reinsurance
  • Alexa Reedman, Research Program Coordinator, MEOPAR
  • Kimberly Roberts, VP & Senior Meteorologist, JLT Re
  • Dwayne Torrey, Director, Construction & Infrastructure Standards, CSA Group
  • Laura Twidle, Director, Catastrophic Loss Analysis, CatIQ Inc.
  • Rebecca Wagner, Associate Director, Meteorological Service of Canada, Environment and Climate Change Canada
  • Kyle Winston, Co-founder & President, CRU Group Inc.

CatIQ Connect will return to the Metro Toronto Convention Centre February 3-5, 2020.

Categories
CatIQ Announcements CatIQ Connect

Catastrophe Stakeholders Attend CatIQ Connect to Hear David Phillips

Toronto (January 14, 2019) – A total of 220 delegates have already registered to attend the fourth annual CatIQ Connect, taking place February 4-6 at the Metro Toronto Convention Centre. The overall themes of CatIQ Connect are on catastrophe preparedness and resiliency, risk management tools, and helping stakeholder and policy makers work together for the greater good of all Canadians.

David Phillips, Senior Climatologist of Environment and Climate Change Canada will open the workshop on February 4th and engage stakeholders with a review of 2018’s extreme weather events and what’s to come. The workshop will provide municipalities with insight on how to respond, recover and mitigate future disasters. Phillips says, “Canada’s annual list of top ten weather stories has revealed an increasing trend to more destructive, expensive and impactful weather. Perhaps 2018 is a preview of what lies ahead, not as exceptional, but simply the norm mere decades from now. At the same time, we have become more vulnerable and at greater risk to extreme weather. Canadians must become more resilient – not only for what lies ahead but for the climate already here.”

The workshop has been developed in partnership with The Federation of Canadian Municipalities (FCM). FCM President Vicki-May Hamm added, “Through FCM’s Municipalities for Climate Innovation Program, we encourage municipalities to better prepare for and adapt to the new realities of climate change. We welcome the opportunity at this year’s CatIQ Connect workshop to engage the stakeholders on this topic, and advance capacity-building resources for municipalities to help them address climate-related natural disasters.”

Conference sponsors are numerous organizations dedicated to mitigating and managing catastrophic loss, and include The Co-operators, CRU Group Adjusters, IBC, Wood, other technology and restoration companies, reinsurers, reinsurance brokers, and research networks. The conference agenda will provide diverse perspectives on various facets of Canadian catastrophes and session speakers include:

To register for CatIQ Connect 2019, and to keep up to date on the latest announcements, visit www.catiq.com/connect
Photo caption:

CatIQ Connect 2019 speakers, from left: (top row) Tania Caceres, Dr. Lars Dyrud, Dr. Blair Feltmate; (middle row) Chad Nelson, David McGown, Ian McPherson; (bottom row) Shawna Peddle, David Phillips, Philipp Wassenberg.

Categories
CatIQ Connect

The Federation of Canadian Municipalities to Host the Workshop at CatIQ Connect on Feb 4

Toronto (October 15, 2018) – On the final day of summer, 6 tornadoes tore across eastern Ontario and western Quebec. Among the tornadoes was an EF3 which caused extensive damage and injuries from Kinburn, ON to Gatineau, QC. In addition, there was an EF2 that severely damaged a hydro station and many homes in Nepean, ON. Extreme weather can happen anytime and anywhere and, since over 80% of Canadians live in municipalities, major impacts can be felt when a disaster strikes in these populated areas.

CatIQ is thrilled to announce that the Federation of Canadian Municipalities (FCM) will host an interactive workshop at CatIQ Connect on February 4, 2019. This engaging workshop will provide diverse participants the opportunity to learn about how municipalities are mitigating, adapting and responding to the impacts of climate change related to natural disasters. Participants will also get the chance to work together and develop ideas to support capacity-building resources for FCM and others to help Canadian municipalities prepare for, respond to and recover from disasters.

“Through FCM’s Municipalities for Climate Innovation Program, we encourage municipalities to better prepare for and adapt to the new realities of climate change. We welcome the opportunity at this year’s CatIQ workshop to engage the stakeholders on this topic, and advance capacity-building resources for municipalities to help them address climate-related natural disasters,” said FCM President Vicki-May Hamm.

CatIQ Connect is designed for:

  • Insurance/reinsurance professionals
  • All levels of government
  • Academia/researchers
  • Engineers/builders
  • Risk managers
  • NGOs
  • Other sectors/organizations dealing with resilience to catastrophes

Keynotes:

  • Howard Kunreuther, Professor and Co-Director of the Risk Management and Decision Processes Center, Wharton School, University of Pennsylvania, will present The Ostrich Paradox: Why We Underprepare for Disasters
  • Henk Ovink, Special Envoy for International Water Affairs of the Kingdom of the Netherlands will sit down for a fireside chat with Rob Wesseling, President & CEO, The Co-operators
  • Ed Struzik, a Canadian author and photographer, will present a view of how wildfires will shape the future

CatIQ Connect 2019 Agenda Highlights:

  • Interactive Workshop hosted by FCM
  • Translating Climate Change and Extreme Weather into Practical Application for the Capital Markets
  • Lessons Learned on Hurricanes
  • Nuclear Emergency – Onsite and Offsite
  • Recent Catastrophes
  • Are Critical Services at Risk and Are They Adapting?
  • Risk Communication and Personal Action
  • Codes and Standards
  • Mortgage Impairment Due to Earthquake Loss
  • New Technologies and Techniques
  • Climate Change: From Science to Actionable Insight

Once again, this year’s Steering Committee covers organizations concerned with adaptation and management related to Canadian catastrophes, including:

  • Jim Abraham, 2019 Emcee and President, ClimAction Services Inc.
  • Ron Biggs, National Claims Director, RSA Insurance Group
  • Kris Bagchi, AVP, Reinsurance, TD Insurance
  • Teresa Burgess-Ogilvie, Partnership Engagement Committee, IAEM Canada and Manager, Office of Emergency Management, City of Mississauga
  • Paul Cutbush, SVP Catastrophe Management, Aon
  • Jim Eso, SVP, Property and Casualty, Crawford & Company (Canada) Inc.
  • Dr. Blair Feltmate, Head, Intact Centre on Climate Adaption, University of Waterloo
  • Deirdre Laframboise, Senior Manager, Knowledge and Sector Development, Green Municipal Fund Federation of Canadian Municipalities
  • Glenn McGillivray, Managing Director, ICLR
  • David McGown, SVP, Strategic Initiatives, IBC
  • Megan Meaney, Director, ICLEI Canada
  • Shawna Peddle, Director, Disaster Risk Reduction, Canadian Red Cross
  • Alison Porter, SVP, Head of Treaty, SCOR Canada Reinsurance
  • Alexa Reedman, Research Program Coordinator, MEOPAR
  • Kimberly Roberts, VP & Senior Meteorologist, JLT Re
  • Dwayne Torrey, Director, Construction & Infrastructure Standards, CSA Group
  • Laura Twidle, Director, Catastrophic Loss Analysis, CatIQ Inc.
  • Rebecca Wagner, Associate Director, Meteorological Service of Canada, Environment and Climate Change Canada
  • Kyle Winston, Co-founder & President, CRU Group Inc.

To register for CatIQ Connect 2019, or to keep up to date on the latest announcements, visit www.catiq.com/connect or follow CatIQ on Twitter at @CatIQ_Inc or via the hashtag #CatIQConnect.

Download the full PDF press release.

About CatIQ

As Canada’s loss index provider, CatIQ delivers detailed analytical and meteorological information on Canadian natural and man-made catastrophes. Through its online subscription-based platform, CatIQ combines comprehensive insured loss indices and other related information to meet the needs of the insurance/reinsurance industries, public sector and other stakeholders.
www.catiq.com
CatIQ also hosts the annual Canadian catastrophe conference, CatIQ Connect. www.catiq.com/connect/ which will next run February 4-6, 2019.

Categories
Catastrophes CatIQ Platform

FSA-Level Industry Loss Estimates Released for Fort McMurray Wildfire and May 2018 Southern Ontario and Quebec Windstorm

Toronto (August 23, 2018) – Catastrophe Indices & Quantification Inc. (CatIQ) today released its first insurance industry loss estimates at the level of Canada Post Forward Sortation Areas (FSAs), for the Fort McMurray Wildfire and the May 2018 Southern Ontario and Quebec Windstorm. Primary insurers participating with CatIQ’s Industry Exposure Database (IED) were surveyed to produce these estimates, 2 years after the wildfire and 90 days after the windstorm. Subscribers to CatIQ’s IED can now compare estimates of the insurance industry’s property exposure and loss by FSA for these events.

For the IED, CatIQ produces estimates of the Canadian insurance industry’s property exposure and loss at the FSA level. The exposure estimates are by:

  • FSA
  • Peril (windstorm, hail, fire, flood, sewer back-up, earthquake, and volcanic eruption)
  • Line of business (personal, commercial, and motor hull)
  • Cover type (building, vehicle, contents, business interruption, and additional living expense, where applicable)
  • Year (2016 and 2017 year-end are currently available)

The FSA-level loss estimates are as follows:

  • The same perils, lines of business and cover types as listed above
  • Any catastrophe that results in an industry loss greater than C$300 million
  • At three months, 6 months, 1 year and, if industry loss exceeds C$500 million, 2 years after the event

CatIQ’s IED launched in June 2018 and is based on detailed submissions from a majority of the Canadian insurance market. It was developed with the support of the Canadian P&C industry and in partnership with Zurich-based PERILS AG. Consistent with PERILS’ methodology, CatIQ will release new exposure estimates annually each spring.

The IED is available as an add-on to CatIQ’s existing services, heralded as the most reliable source of catastrophe loss information in Canada. Primary insurers participating in the IED program receive the IED at no extra charge. Furthermore, CatIQ’s IED will be made available on the PERILS platform.

CatIQ also hosts the annual Canadian catastrophe conference, CatIQ Connect, formerly C4. The highly anticipated event will take place at the Metro Toronto Convention Centre February 4-6, 2019. CatIQ Connect is a content-driven conference designed to foster collaboration between sectors relating to Canadian catastrophes with an objective to mitigate the impacts of extreme events on communities and organizations.

CatIQ Connect keynotes:

  • Howard Kunreuther, Co-Director of the Wharton Risk Management and Decision Processes Center, University of Pennsylvania, will present The Ostrich Paradox: Why We Underprepare for Disasters
  • Henk Ovink, Special Envoy for International Water Affairs for the Kingdom of Netherlands, in a fireside chat with The Co-operators’ President & CEO, Rob Wesseling
  • Ed Struzik, a Canadian author and photographer, will present a view of how wildfires will shape the future

CatIQ Connect Agenda Highlights:

  • Interactive Workshop
  • Climate Concerns in Financial Services
  • Lessons Learned on Hurricanes
  • Meltdown: A Nuclear Catastrophe
  • Local Perspectives on Recent Events
  • Are Critical Services Adapting?
  • Risk Communication and Personal Perception
  • Codes and Standards
  • Mortgage Impairment Due to Earthquake Loss
  • New Technologies and Techniques
  • A Scientific View of Climate Change

To register for CatIQ Connect 2019 in Toronto, or to keep up to date on the latest announcements, visit www.catiq.com/connect or follow CatIQ on Twitter at @CatIQ_Inc or through the hashtag #CatIQConnect.

Download the full PDF press release.

About CatIQ

Toronto-based Catastrophe Indices and Quantification Inc. (CatIQ) delivers detailed analytical and meteorological information on Canadian natural and man-made catastrophes. Through its online subscription-based platform, CatIQ combines comprehensive insured loss and exposure indices, meteorological and GIS analytics and other related information to better serve the needs of the insurance / reinsurance / ILS industries, the public sector and other stakeholders. CatIQ was established in 2014 with the support of the overwhelming majority of the Canadian insurance/reinsurance industry and is widely recognized as the most reliable source of Cat loss information in Canada. CatIQ is affiliated with MSA Research Inc., Canada’s dominant provider of financial analytics covering the P&C and Life/Health insurance sectors. CatIQ also hosts the annual Canadian catastrophe conference, CatIQ Connect, which will next run Feb 4-6, 2019 in Toronto.

More information can be found at www.catiq.com.

Categories
CatIQ Connect

Registration for the Fourth Annual Canadian Catastrophe (CAT) Conference Opens Today

Toronto (July 23, 2018) – Significant flooding, damaging winds, and ice storms have made for widespread community impacts and large insured losses across Canada in the first half of 2018. For example, May’s windstorm became the costliest event in Ontario since the 2013 Toronto floods. With this summer’s “CAT” season only at the mid-point, 2018 has the potential for catastrophic losses for many stakeholders.

CatIQ is pleased to announce that registration for its fourth annual Canadian catastrophe conference, CatIQ Connect, is now open. CatIQ Connect 2019 is being held February 4-6, 2019 at the Metro Toronto Convention Centre. CatIQ Connect will kick off with a review of the events from 2018, which is sure to be interesting, given the weather activity in 2018 thus far.

CatIQ Connect, formerly C4, is a content-driven conference designed to foster collaboration between sectors relating to Canadian catastrophes. David McGown, SVP, Strategic Initiatives at IBC says “the upcoming 2019 CatIQ Connect conference follows on the heels of successful C4 conferences organized by CatIQ. The shift to focus this year beyond insurers is an important step in broadening the conversation to include other important stakeholders. As always, the conference will provide a good variety of topic areas aimed at improving knowledge and sparking conversations. We look forward to the opportunity to learn and connect with others in February 2019.” Catastrophes impact many different organizations, stakeholders, and, above all, Canadians citizens.

CatIQ Connect is for:

  • Insurance/Reinsurance Professionals
  • All Levels of Government
  • Academia/Researchers
  • Risk Managers
  • NGO’s
  • Other sectors/organizations dealing with resilience to catastrophes

Keynotes:

  • Howard Kunreuther, Co-Director of the Wharton Risk Management and Decision Processes Center, University of Pennsylvania, will present The Ostrich Paradox: Why We Underprepare for Disasters
  • Henk Ovink, Special Water Envoy for International Water Affairs for the Kingdom of Netherlands in a fireside chat with The Co-operators’ President & CEO, Rob Wesseling
  • Ed Struzik, a Canadian author and photographer, will present a view of how wildfires will shape the future

CatIQ Connect 2019 Agenda Highlights:

  • Interactive Workshop
  • Climate Concerns in Financial Services
  • Lessons Learned on Hurricanes
  • Meltdown: A Nuclear Catastrophe
  • Local Perspectives on Recent Events
  • Are Critical Services Adapting?
  • Risk Communication and Personal Perception
  • Codes and Standards
  • Mortgage Impairment Due to Earthquake Loss
  • New Technologies and Techniques
  • A Scientific View of Climate Change

Once again, this year’s Steering Committee covers organizations concerned with adaptation and management related to Canadian catastrophes, including:

  • Jim Abraham, 2019 Emcee and President, Climaction Services Inc.
  • Kris Bagchi, AVP, Reinsurance, TD Insurance
  • Ron Biggs, National Claims Director, RSA Insurance Group
  • Teresa Burgess-Ogilvie , Partnership Engagement Committee, IAEM Canada and Manager, Office of Emergency Management, City of Mississauga
  • Paul Cutbush, SVP Catastrophe Management, Aon Benfield Analytics
  • Jim Eso, SVP, Property and Casualty, Crawford & Company (Canada) Inc.
  • Dr. Blair Feltmate , Head, Intact Centre on Climate Adaption, University of Waterloo
  • Deirdre Laframboise , Senior Manager, Knowledge and Sector Development, Green Municipal Fund Federation of Canadian Municipalities
  • Glenn McGillivray , Managing Director, ICLR
  • David McGown, SVP, Strategic Initiatives, IBC
  • Megan Meaney, Director, ICLEI Canada
  • Shawna Peddle , Director, Partners for Action, University of Waterloo
  • Alison Porter , SVP, Head of Treaty, SCOR Canada Reinsurance
  • Alexa Reedman, Research Program Coordinator, MEOPAR
  • Kimberly Roberts , VP & Senior Meteorologist, JLT Re
  • Dwayne Torrey, Director, Construction & Infrastructure, Standards, CSA Group
  • Laura Twidle, Director, Catastrophic Loss Analysis, CatIQ Inc.
  • Rebecca Wagner, Associate Director, Meteorological Service of Canada, Environment and Climate Change Canada
  • Kyle Winston, Co-founder & President, CRU Group Inc.

To register for CatIQ Connect 2019, or to keep up to date on the latest announcements, visit www.catiq.com/connect or follow CatIQ on Twitter at @CatIQ_Inc or through the hashtag #CatIQConnect.

Categories
CatIQ Platform

CatIQ Launches Insurance Industry Exposure Database for Canada, Developed in Partnership with PERILS AG

Toronto (June 27, 2018) – Catastrophe Indices & Quantification Inc. (CatIQ) marks a milestone today by launching Canada’s first ever insurance Industry Exposure Database (IED), developed with the support of the Canadian P&C industry and in partnership with Zurich-based PERILS AG. The IED contains 2016 and 2017 year-end estimates of Canadian industry property sums insured by:

  • Canada Post Forward Sortation Area (FSA)
  • Peril (windstorm, hail, fire, flood, sewer back-up, earthquake and volcanic eruption)
  • Line of business (personal, commercial, and motor hull)
  • Cover type (building, vehicle, contents, business interruption and additional living expense, where applicable)

CatIQ’s IED is based on detailed exposure submissions from a majority of the Canadian Insurance market. Consistent with PERILS’ methodology, CatIQ’s IED will be refreshed annually each spring effective 2019. Further, with the support of the participating insurers, effective immediately, CatIQ will be producing industry loss estimates at the FSA level as follows:

  • The same perils, lines of business and cover types as listed above
  • Any catastrophe that results in an industry loss greater than C$300 million
  • At three months, 6 months, 1 year and, if industry loss exceeds C$500 million, 2 years after the event

The first such industry loss estimates will be released in August 2018 for the 2016 Fort McMurray Fire and the damaging windstorm that occurred in early May 2018 across southern Ontario and Quebec.

Commenting on the announcement, Joel Baker, CEO of CatIQ, said, “The release of CatIQ’s Canadian IED and Loss platform will provide immense value to insurers, reinsurers, brokers and modelers that European and Australian markets have long benefited from via PERILS’ services.” He added that, “the unprecedented level of detail available in the platform will drive improved modelling, benchmarking and risk-transfer solutions that will definitely contribute to market efficiency. In fact, CatIQ has recently been selected as a reporting agent for an ILW, and we expect more such transactions now that the IED has been released”

Luzi Hitz, CEO of PERILS, added: “We are delighted to have partnered with CatIQ to establish the IED for Canada. By providing both industry loss and industry exposure data, we are essentially creating a situation where one plus one equals more than two. The industry exposure data provides an ideal benchmark against which industry loss data can be compared. The resulting damage ratios can then be correlated with physical intensity measures, making it possible to derive valuable information about the damageability of insured property assets. This trove of information is a crucial component of any Cat risk model. I am therefore convinced that the addition of the IED to CatIQ’s loss data will benefit the entire Canadian re/insurance market.”

CatIQ’s IED module is available as an add-on to CatIQ’s existing services, heralded as the most reliable source of Cat loss information in Canada. Primary insurers participating in the IED program receive the IED module at no extra charge. Furthermore, CatIQ’s Canadian IED and granular loss information will be made available on the PERILS platform.

The addition of Canada brings to 16 the number of territories currently covered by the PERILS Industry Exposure and Loss Database, which also includes: Australia, Austria, Belgium, Denmark, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Norway, Sweden, Switzerland, Turkey, and the United Kingdom.

Categories
Catastrophes

100 Catastrophes from 2008-2018 Cost the Canadian Insurance Industry C$17.4 Billion

Toronto (April 20, 2018) – April marked the month that Canada exceeded 100 catastrophes over the span of a decade. The top four costliest events occurred in the latter half of the decade, all of which had eye-opening impacts on the Canadian insurance industry.

Top 5 costliest Canadian catastrophes since 2008:

  1. 2016 Fort McMurray Wildfire
  2. 2013 Southern Alberta Flood
  3. 2013 Greater Toronto Area Flooding
  4. 2014 Central Alberta Hailstorms
  5. 2011 Slave Lake Fire

CatIQ’s loss index platform contains insured loss catastrophe (CAT) data extending back to 2008. The most recent CAT came in the form of an ice storm that downed trees, powerlines and caused flooding across southern Ontario, but also led to tens of thousands without power in Quebec. Over the past decade, there have been other ice storm CATs, with December 2013 being the most memorable and ranking as the 12th costliest event in the CatIQ database.


The Canadian industry reached C$1.4 billion in insured losses in 2017. It is becoming increasingly common for Canadian annual insured losses from CATs to exceed C$1 billion as severe weather events become more frequent, and 2018 is off to a costly start. CatIQ reports that Canadian insurance industry CAT losses amounted to C$17.4 billion since 2008.