Category: Catastrophes

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

Post author By Caroline Floyd
Post date August 23, 2018

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.

Catastrophes

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

Post author By Caroline Floyd
Post date April 20, 2018

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:

2016 Fort McMurray Wildfire
2013 Southern Alberta Flood
2013 Greater Toronto Area Flooding
2014 Central Alberta Hailstorms
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.

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.