Catastrophe Indices and Quantification Inc. (CatIQ), which provides analytical and meteorological information on Canadian natural and man-made catastrophes, has released a dataset containing insurance industry loss estimates for all Canadian catastrophe events since 2008.
The update to the dataset available through the CatIQ service means that it now includes 69 catastrophic events (defined as events that impact multiple insurers and insurance companies causing property damage with losses great than $$25m) as well as an additional 70 notable events (defined as events that fail to meet the catastrophe threshold but still cause significant property damage with losses between $10m and $25m) dating from Jan 1st 2008 to the present.
Incurred losses relating to all events within the time period exceed C$11 billion, averaging C$1.4 billion of insured losses per year (on a nominal basis).
The scale of the loss experience in Canada demonstrates the importance of insurance, reinsurance and also ILS capital in providing risk transfer for the core catastrophe perils in the region.
CatIQ expects that the updated dataset will be used by the Canadian and global insurance, reinsurance and ILS markets, as well as other stakeholders dealing with catastrophe management.
“With almost 140 events catalogued which can be overlaid and analyzed, there is an unparalleled wealth of knowledge available on our platform. There are so many interesting statistics and trends which can be used to explore known catastrophe risk to specific locations all across Canada by event type, loss size and specific peril,” commented Carolyn Rennie, CatIQ’s Director of Catastrophic Loss Analysis. “We owe a debt of gratitude to all the participating insurers and to the members of CatIQ’s industry advisory committee whose input continues to be invaluable.”
CatIQ’s platform offers GIS footprints, postal codes, meteorological & damage information, photos, videos and related media for both catastrophes and notable events, as well as insurance industry loss estimates for catastrophes. The industry loss estimates are based on surveys of affected insurers.