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Catastrophes CatIQ Announcements CatIQ Connect

CatIQ in the news

Insurance Business Canada’s Alicja Grzadkowska was among the media presence at CatIQ Connect’s February webinar, Catastrophes – 2020 Review, 2021 Preview. Her article, “Biggest Canadian catastrophes of 2020 reveal a significant rise in risk,” focuses on the 2020 CATs in Review presentation, given by our own Laura Twidle.

“The past year hasn’t just been a unique one in Canada due to the pandemic – it’s also been an interesting year because of the variety in severe weather we’ve seen, and the impact events have had across the country. Notably, 2020 was ranked as the fourth highest in insured losses since 1983.

During CatIQ Connect’s February webinar, managing director Laura Twidle outlined the major weather events from the past year, and while it may be hard for many of us to remember what exactly happened in January 2020 when we were living out the last few blissful weeks of our pre-COVID existence, the CatIQ database never forgets.”

Read the full article at Insurance Business Canada, here.

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Catastrophes CatIQ Connect

CatIQ Connect, Canada’s Catastrophe Conference, described as ‘Where Worst Case Meets Best Practice’

Toronto, February 12, 2020 – The fifth annual Canadian catastrophe conference, CatIQ Connect, was held over three days last week, Feb 3-5, at the Metro Toronto Convention Centre. More than 235 delegates attended the event, including catastrophe risk professionals and emergency managers from across Canada, the United States, the Czech Republic and the United Kingdom. This year featured a great recap of the outstanding initiatives underway across the country, as well as discussions on the work yet to be done.

Delegates participated in a workshop developed by the Canadian Red Cross (CRC) on Feb 3rd. The CRC led the participants through a wildfire simulation to present the challenges faced in a disaster. From the second part of the workshop, the CRC will use the valuable insights from the diverse participants to contribute to their report on the role of a national flood insurance program in assisting individuals and small business affected by disasters.

“As someone who works with the communities most vulnerable to natural disaster impacts, I appreciated learning about the growing challenges facing the catastrophe management industry,” said Marjorie Brans, Director of Ecosystem Impact, School for Social Entrepreneurs Canada. “CatIQ Connect is a critical gathering where industry players can pool their creativity and rise to the challenge.”

Climate change and the need for resilient infrastructure were featured prominently in the conversation, as well as conversations around a high-risk flood insurance pool. “We are entering an unprecedented period of collaboration on climate resilience between the federal government and the insurance sector,” observed Craig Stewart, Vice President Federal Affairs at IBC. “As evidenced by the broad federal representation at this year’s event, CatIQ Connect provided a timely opportunity to share our mutual progress in the interest of consumers.”

Further discussion included how we can become more resilient to different types of severe events, such as earthquakes, wind, hail, flooding, and the mental health impacts of home and business owners, first responders and claims teams. Alister Campbell, President & CEO of PACICC described CatIQ Connect as a forum “where worst case meets best practice!” Having a plan in place before a disaster is important to ensuring a smooth recovery process, and CatIQ Connect supports the collaboration needed in the industry and across sectors.

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

The success of the 2020 CatIQ Connect event was driven by the oversight of an outstanding Steering Committee. Representation included:

  • Jim Abraham, President, ClimAction Services Inc.
  • William Belzile, Geographic Information System Advisor, Desjardins General Insurance Group
  • Alister Campbell, CEO, PACICC
  • Claudette Cantin, Chief Actuary and CRO, Munich Re Canada
  • Paul Cutbush, SVP, Catastrophe Management, Aon
  • Esaie Djossou, AVP of Reinsurance, CAT Underwriting, International Underwriting and Data & Insights functions, Aviva Canada
  • Dr. David Etkin, Professor, Disaster and Emergency Management, York University
  • Dr. Blair Feltmate, Head, Intact Centre on Climate Adaptation, University of Waterloo
  • Dr. Maryam Golnaraghi, Director, Climate Change & Emerging Environmental Topics, Geneva Association
  • Sean Hobson, VP, National Programs, WINMAR (Canada) International Ltd.
  • Glenn McGillivray, Managing Director, ICLR
  • Ryaz Mohamed, Director, Corporate Reinsurance, The Co-operators Group
  • Shawna Peddle, Program Director, Community Economic Development Funds, The Co-operators Group
  • Sean Russell, Managing Director, Guy Carpenter
  • Craig Stewart, VP, Federal Affairs, IBC
  • Geneviève Thouin, Project Director, MCIP, FCM
  • Dwayne Torrey, Director, Construction & Infrastructure Standards, CSA Group
  • Laura Twidle, Managing Director, CatIQ
  • Rebecca Wagner, Associate Director, MSC, ECCC
  • Kyle Winston, President, CRU Group Inc.
  • Anna Ziolecki, Director, Partners for Action 

CatIQ Connect will return to the Metro Toronto Convention Centre February 1-3, 2021. View 2020 event photos.

Categories
Catastrophes CatIQ Platform

CatIQ Announces Major Platform Enhancements

Toronto (October 10, 2019) – CatIQ has today announced the implementation of a series of new features on their state-of-the-art platform, which includes the introduction of several powerful visualization tools.

The CatIQ platform houses the Canadian insurance industry’s loss and exposure database, as well as other catastrophe-related information. The platform enhancements make available additional tools for the visualization of pre- and post-catastrophe information and the Industry Exposure Database (IED).

To complement CatIQ’s existing catastrophe forecasts, upgrades to the platform introduce a series of new data feeds from external sources including:

  • Radar and cloud cover
  • Earthquakes
  • Hurricanes
  • Water levels
  • Wildfires
  • Significant weather outlooks

These augmentations provide CatIQ subscribers with quick access to comprehensive datasets to support quick and effective decision-making. IED Subscribers can now visualize industry and their own exposures and measure sensitivity to loss for catastrophe forecasts in real time. Participating primary insurance companies can also visually compare their own exposure to the industry at the FSA level (first three digits of postal code), by business line and peril type.

Commenting on the new platform capabilities, Laura Twidle, Managing Director at CatIQ, said: “Through our CatIQ platform, we aim to provide a one-stop-shop for catastrophe information. Having swift access to a wide range of information to help make informed decisions is critical to all industry stakeholders, and we believe that these platform enhancements enable exactly that.”

A webinar tutorial on the new platform capabilities will be available to CatIQ subscribers on Wednesday, October 30, 2019 at 1 pm EDT. For more information, please contact Laura Twidle at the details listed below.

The first Canadian IED was released in June 2018. The IED now contains year-end data for 2016, 2017 and 2018. The 2019 IED will be released in the spring of 2020.

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
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.

Categories
Catastrophes CatIQ Announcements

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

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.