Author: Caroline Floyd

New CatWATCH™ Alerts Forecast & Monitor Potential Canadian Catastrophes

Post author By Caroline Floyd
Post date May 14, 2015

Available Now to CatIQ Subscribers

Toronto (May 14, 2015) – Catastrophe Indices and Quantification Inc. (CatIQ) today released the first phases of two brand new features to its online subscription-based Platform (www.catiq.com): CatWATCH™ and Analysis Dashboard.

CatIQ reports on natural and man-made disasters causing catastrophic damage and provides catastrophe (CAT)1 or notable event (NE)2 declarations based on estimated property losses. When CatIQ declares an event, a plethora of information is available on CatIQ’s Platform including a geographic footprint, initial bulletin with meteorological insight (if applicable), and related media. Although CatIQ’s detailed reporting is available within 1-2 days of the event, there is a need for more real-time information.

“During consultation with the industry, it became very apparent that advanced warning of impending conditions which may develop into catastrophic events is extremely important. Since we are already tracking events and collecting information in order to make CAT declarations, it makes sense to share this information with our users,” commented Carolyn Rennie, CatIQ’s Director of Catastrophic Loss Analysis and in-house meteorologist.

CatWATCH™ is being created to provide updates on possible CATs monitored by CatIQ. CatWATCH™ features will be rolling out over the next couple of months beginning with Phase 1 – CatWATCH™ Alerts. Notification about potential CATs is extremely important as Canada approaches what Carolyn calls, “CAT Season”. These updates will come in the form of CatWATCH™ Alerts. The Alerts will be released to CatIQ subscribers for 5 different watch types: Severe Weather Watch, Tropical Storm Watch, Flood Watch, Forest Fire Watch, and Winter Storm Watch.

CatWATCH™ Alerts will include geographic footprints of the areas which may be impacted, information on which perils may occur or are occurring, as well as possible property damage and preparation related to each watch type. These CatWATCH™ Alerts and subsequent updates, prior to a catastrophe occurring, could assist in the mobilization of claims staff, adjusters and emergency management officials or used in policy holder outreach.

Today CatIQ has also released its ground-breaking Analysis Dashboard. Participating insurance companies have the ability to benchmark themselves with the rest of the industry and monitor trends in CAT loss estimates. The Analysis Dashboard is also integrated with data from MSA Research, CatIQ’s sister company, to provide an estimate of the impact of a specific CATs on direct loss ratios. Analysis Dashboard Phase 2 – Multi-CAT, is currently under development and will provide reports and analytics for multiple CAT events.

CatIQ Users will find out more about both features at this afternoon’s interactive Training Webinar.

Catastrophes CatIQ Announcements

Updated Industry Loss Estimate Released on Canada Day Weekend Flooding in the Prairies

Post author By Caroline Floyd
Post date September 18, 2014

Over $140 million in Insured Damage

Toronto (September 18, 2014) – Catastrophe Indices and Quantification Inc. (CatIQ) today released updated industry loss estimates on the flooding which occurred in Manitoba and Saskatchewan during the Canada Day Long Weekend (June 28-30, 2014). The updated insured loss estimate of over $140 million (which includes loss adjustment expenses) came from the recent 45-day re-survey of the overwhelming majority of affected insurers.

CatIQ has now pegged this catastrophe as the second largest to occur in Canada so far in 2014, following the hailstorms in Alberta which occurred in early August. CatIQ’s in-house meteorologist and Director of Catastrophic Loss Analysis, Carolyn Rennie, analyzed the meteorological system which triggered the flooding stating, “Over the Canada Day Long Weekend, a large low pressure system moved through the Prairies. The stationary system brought strong winds and heavy rains to areas of southeastern Saskatchewan and southwestern Manitoba for the entire weekend. The heavy rains, up to 230 mm in some areas, caused widespread flooding. Rivers and creeks overflowed which impacted areas from Regina to Winnipeg. The hardest-hit areas were on the Saskatchewan /Manitoba border. “

CatIQ will continue to monitor the development of this and other events. CatIQ is offered as a free service to Canadian primary insurers who supply data through surveys on the insured losses. In order to most accurately estimate the losses, exclusive Canadian Market Share data is used, as published by CatIQ’s sister company MSA Research Inc.

Members who subscribe to CatIQ have access to additional information related to this Cat (and all 2014 Cats) including; geographic footprint, media, affected postal codes, as well as the industry loss estimates broken out by province and line of business.

CatIQ Announcements CatIQ Platform

Crawford joins CatIQ’s Industry Partners Program to Deliver Valuable Information from Catastrophe Zones

Post author By Caroline Floyd
Post date August 13, 2014

Toronto (August 13, 2014) – Catastrophe Indices and Quantification Inc. (CatIQ) and Crawford & Company (Canada) Inc. (Crawford) today announce that Crawford has joined CatIQ’s Industry Partners Program whereby Crawford will provide CatIQ’s users with actionable real-time information from Catastrophe Zones (Cat Zones) across Canada via its proprietary CatHUB interface within the www.catiq.com platform.

CatIQ’s Industry Partners Program is an important layer of information that users will only find in CatIQ’s CatHUB interface consisting of photos, videos and text based reporting from catastrophe zones.

Crawford’s extensive network and national reach will enable CatIQ’s users to benefit from exclusive photos, videos and text-based reporting from catastrophe zones across Canada immediately following the catastrophe and as the recovery process progresses.

“We are thrilled that Crawford, the world’s largest independent provider of claims management solutions has joined this program for the industry’s benefit” said Joel Baker, CEO, CatIQ. “Crawford’s reach will give CatIQ’s users excellent visibility into the complexities that quickly arise in the wake of catastrophes and help insurers respond more effectively.”

“We look forward to being part of such a unique program and having the opportunity to help our industry during difficult times,” said Pat Van Bakel, CEO, Crawford & Company (Canada) Inc. “CatIQ’s innovative system and Crawford’s experience in handling catastrophic losses will help users access important, detailed information when they need it the most.”

About Crawford

Crawford & Company (Canada) Inc. is a wholly-owned subsidiary of Crawford & Company. Based in Atlanta, Ga., Crawford & Company (www.crawfordandcompany.com) is the world’s largest independent provider of claims management solutions to the risk management and insurance industry as well as self‐insured entities, with an expansive global network serving clients in more than 70 countries. The Crawford Solution℠ offers comprehensive, integrated claims services, business process outsourcing and consulting services for major product lines including property and casualty claims management, workers compensation claims and medical management, and legal settlement administration. The Company’s shares are traded on the NYSE under the symbols CRDA and CRDB.

CatIQ Announcements CatIQ Platform

CRU Adjusters Partners with CatIQ to Deliver Actionable Reporting from Catastrophe Zones

Post author By Caroline Floyd
Post date July 29, 2014

Toronto (July 29, 2014) – Catastrophe Indices and Quantification Inc. (CatIQ) and Catastrophe Response Unit Adjusters Inc. (CRU) today announce that they have entered into an agreement whereby CRU will provide CatIQ with actionable real-time information from Catastrophe Zones (Cat-Zones) in Canada to be shared with CatIQ’s subscribers across the Canadian insurance industry via its proprietary CatHUB interface within the www.catiq.com platform.

CRU will be the first industry partner to provide CatIQ’s users with photos, videos and text-based reporting from Cat Zones across Canada within the first hours and days following the Cat and then periodically as the recovery process unfolds. Industry Partner reports from Cat Zones are a valuable addition to CatIQ’s CatHUB interface.

“We are delighted that CRU stepped up to become our first industry partner” said Joel Baker, CEO CatIQ. “CRU’s reports from the field will be invaluable to many of CatIQ’s users especially in claim departments as they work to assess the damage immediately after a catastrophe strikes.”

“As the frequency and severity of Catastrophes have increased, CRU has become the foremost leader in catastrophe response in Canada, helping insurers serve their clients, in times of greatest need.” said Kyle Winston, President of CRU. “We are pleased to once again be at the leading edge as a partner to CatIQ , supplying accurate and timely industry wide catastrophe information.”

About CRU

Catastrophe Response Unit is a Canadian independent adjusting company. Operating throughout North America, CRU provides disaster and catastrophe services and consultation with adjusting specialties in residential, commercial, auto, and environmental claims. Utilizing the latest technology and industry-proven processes, we provide exceptional customer service while managing the loss adjusting expense and indemnity of every claim. www.cruadjusters.com

CatIQ Announcements

Catastrophe Indices and Quantification Inc. (CatIQ) Delivers State-of-the-Art Catastrophe Data

Post author By Caroline Floyd
Post date April 9, 2014

A New Independent Canadian Catastrophic Loss Index Provider and Analysis Company to Service Insurance/Reinsurance Industries

Toronto (April 9, 2014) – Catastrophe Indices and Quantification Inc. (CatIQ) today announced it delivers detailed analytical and meteorological information on Canadian natural and man-made catastrophes. Through its online subscription-based application, CatIQ provides comprehensive insured loss indices, granular industry-wide loss estimates, Geographic Information System (GIS) mapping and other related information to better serve the risk management needs of the insurance and reinsurance industries.

“It is essential that insurers have access to reliable, detailed and complete catastrophe data in order to better understand, underwrite, manage, price, reserve, monitor, quantify and transfer catastrophe risk,” said Joel Baker, CEO, CatIQ. “An overwhelming majority of insurers operating in Canada as well as reinsurance brokers, reinsurers and the Institute for Catastrophic Loss Reduction support the launch of CatIQ and have provided valuable input during our recent cross-country road show, which has helped to shape the methodology and feature set of CatIQ.”

CatIQ is directed by an eight member senior advisory committee that represents the insurance and reinsurance industries in Canada. The committee’s mandate is to guide CatIQ as it rolls out to ensure it is relevant, accurate and timely for the industries it serves. The 2014 CatIQ advisory committee members include:

•   Claudette Cantin, SVP, Client Management and Chief Actuary, Munich Re of Canada
•   Paul Cutbush, SVP Catastrophe Management, Aon Benfield Analytics
•   Lisa Guglietti, VP, Corporate Actuarial, The Co-operators
•   Jocelyn Laflamme, VP, Ratemaking & Business Solutions, Desjardins General Ins. Group
•   Glenn McGillivray, Managing Director, Institute for Catastrophic Loss Reduction (ICLR)
•   Mazdak Moini, VP Commercial Lines & Reinsurance, Aviva Canada
•   Sean Russell, Managing Director, Guy Carpenter Ltd.
•   Eric Steen, EVP, JLT Towers Re, Canada

Carolyn Rennie, Director of Catastrophic Loss Analysis, will manage the daily operations of CatIQ. Currently finalizing a Master of Science (MSc) in Earth and Space Science at York University, Carolyn has worked for the past three years as a Physical Scientist at Environment Canada.

CatIQ’s loss indices will operate at an unprecedented degree of precision due to access to exclusive market share information provided by MSA Research Inc., a sister company and Canada’s leading provider of insurance analytics.
“The increasing level of catastrophe activity in Canada requires that insurers, reinsurers, (re)insurance intermediaries and others have access to a suite of dynamic tools that will allow them to get a better handle on the impact that these events can have on their individual operations,” said Glenn McGillivray, Managing Director, Institute for Catastrophic Loss Reduction. “CatIQ will offer such tools and in the coming months and years, we look forward to seeing firsthand the positive effect these will have on the way Canadian property and casualty industry players deal with the challenge of more and larger extreme events.”

The key features that differentiate CatIQ include:

•   Industry loss estimation techniques to improve estimate/index reliability, line-of-business granularity, territorial footprinting and market-share coverage scoring.
•   GIS mapping technology to identify catastrophe footprints, meteorological metrics and other data feeds.
•   Market share views to allow primary insurers to easily benchmark themselves against the overall market leveraging MSA’s proprietary Canadian property and casualty (P&C) market share analytics.
•   Dispersion analytics to provide subscribers with more than just point estimates.
•   Query view to enable users to quickly and easily analyze loss information, filter it, manipulate it and export it to other applications.
•   Bulletin view to provide detailed analytical reports describing each catastrophic event combined with detailed industry loss information by line of business.