CatIQ releases annual insurance industry exposure database update for Canada, C$9.3 trillion in fire insured personal assets

TORONTO, ON, MAY 30, 2022 /insPRESS/ – Catastrophe Indices & Quantification Inc. (CatIQ), a Zurich-based subsidiary of PERILS AG, today released its Canadian Insurance Annual Update Industry Exposure Database (IED). Developed with the support of the Canadian property and casualty insurance industry, the DEI now contains 2021 year-end estimates of sums insured for property insured by the Canadian industry.

As in previous years, the database provides the branch with the sums of property insurance insured, the number of risks and the original insurance conditions in force by:

  • Canada Post Forward Sortation Zone (RTA)/CRESTA Zone
  • Peril (storm, hail, fire, flood, sewer backup, earthquake and volcanic eruption)
  • Sector of activity (personal, commercial and engine hull)
  • Type of coverage (building, vehicle, contents, business interruption and additional living expenses, if applicable)

FDI for the Canadian insurance market is showing steady growth in the personal line of business. Since data collection began in 2016, there has been a compound annual growth rate (CAGR) of 3.7% in total personal lines fire sums insured. Personal fire exposure currently stands at CAD 9.3 trillion.

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

  • The same risks, lines of business and types of coverage listed above
  • Any disaster resulting in an industrial loss greater than C$250 million

This detailed loss dataset now includes seven major events, including:

  • Fort McMurray wildfires – April 2016
  • Windstorm in Ontario and Quebec – May 2018
  • Ottawa and Gatineau tornadoes – September 2018
  • Ice jam flooding in Fort McMurray – April 2020
  • Hailstorm in Calgary – June 2020
  • Hailstorm in Calgary – July 2021
  • Floods in British Columbia – November 2021

Commenting on the announcement, Laura Twidle, Managing Director of CatIQ, said: “Industry and other stakeholders now have access to six years of exposure data. This is beneficial for the industry to better understand its catastrophe risk and where insurance gaps exist.

Luzi Hitz, CEO of PERILS, added: “The release of the latest Canadian IEE update is due to the continued support of our insurance companies providing data for which we are extremely grateful. It is also the culmination of considerable work undertaken by our team in Toronto. It complements another annual update of all markets covered by PERILS, which we believe remains the primary source of IEDs used in the industry. Given the increasingly challenging global risk environment, the release of the latest IEDs is very timely as it supports industry efforts to better understand Cat risks and also facilitates more effective risk transfer based on industry losses.

The CatIQ IED module is available on the CatIQ platform with the Canadian Catastrophe Loss Database. Primary insurers participating in the IED program receive the IED module at no additional cost. Additionally, Canadian IED information and CatIQ granular losses are available on the PERILS platform.

In addition to Canada, the PERILS database contains up-to-date information on sums insured in the real estate market exposed to natural perils in Australia, Austria, Belgium, Canada, Denmark, France, Germany, Ireland , Indonesia, Italy, Luxembourg, Netherlands, New Zealand, Norway, Philippines, Sweden, Switzerland, Thailand, Turkey and United Kingdom.

About CatIQ

Catastrophe Indices and Quantification Inc. (CatIQ), based in Toronto, is a subsidiary of PERILS AG, based in Zurich, and provides detailed analytical and meteorological information on natural and man-made disasters in Canada. Through its subscription-based online platform, CatIQ combines comprehensive insured loss and exposure indices and other related information to better serve the needs of the insurance/reinsurance/ILS industries, public and other stakeholders. www.catiq.com. CatIQ was established in 2014 with the support of the vast majority of the Canadian insurance and reinsurance industry and is widely recognized as the most trusted source of catastrophic loss information in Canada. CatIQ is also partnering with MSA Research to host the Canadian disaster conference, CatIQ Connect, connect.catiq.com, returning to the Metro Toronto Convention Center on February 7-8, 2023.

About PERILS AG

PERILS is an independent, Zurich-based organization that provides industry-wide natural disaster exposure and event loss data. The PERILS Industry Exposure & Loss Database is available to all interested parties through an annual subscription. The database contains industry property sums insured and event loss information at the CRESTA zone level and by property line of business. The PERILS Industry Loss Estimates provided through the PERILS Industry Loss Index Service can be used as triggers in insurance risk transactions such as Industry Loss Guarantee (ILW) contracts. ) or insurance-linked securities (ILS). The service currently covers the following 17 countries: Australia, Austria, Belgium, Canada, Denmark, France, Germany, Ireland, Italy, Luxembourg, Netherlands, New Zealand, Norway, Sweden, Switzerland, Turkey and United Kingdom. Additionally, PERILS industry exposure data is available for Indonesia, the Philippines and Thailand. Use of PERILS Exposure and Loss Data other than in conjunction with a valid PERILS License and in accordance with its terms, by a Licensee or Authorized User as defined in the License, is unlawful and expressly prohibited. .

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

contacts:
Laura Twidle Nigel Allen
+1 416 368 1723 x1 +44 7988 478824
laura.twidle@catiq.com nigel.allen@perils.org