CatIQ launches Industry Exposure Database

Catastrophe Indices & Quantification Inc. (CatIQ) has launched Canada’s first ever insurance Industry Exposure Database (IED), developed with the support of the Canadian P&C industry, and in partnership with Zurich-based PERILS AG. The IED contains 2016 and 2017 year-end estimates of Canadian industry property sums insured by: 

• Canada Post Forward Sortation Area (FSA); 
• peril (windstorm, hail, fire, flood, sewer back-up, earthquake and volcanic eruption);
• line of business (personal, commercial, and motor hull); and
• cover type (building, vehicle, contents, business interruption and additional living expense, where applicable). 

CatIQ’s IED is based on detailed exposure submissions from a majority of the Canadian insurance market. Consistent with PERILS’ methodology, CatIQ’s IED will be refreshed annually each spring effective 2019. Further, effective immediately, CatIQ will be producing industry loss estimates at the FSA level 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; and
• at three months, six months, one year and, if industry loss exceeds C$500 million, two years after the event. 

The first such industry loss estimates will be released in August 2018 for the 2016 Fort McMurray Fire and the damaging windstorm that occurred in early May 2018 across southern Ontario and Quebec. 

“The unprecedented level of detail available in the platform will drive improved modelling, benchmarking and risk-transfer solutions that will definitely contribute to market efficiency,” says Joel Baker, CEO of CatIQ.

Luzi Hitz, CEO of PERILS, adds, “The industry exposure data provides an ideal benchmark against which industry loss data can be compared. The resulting damage ratios can then be correlated with physical intensity measures, making it possible to derive valuable information about the damageability of insured property assets.”

CatIQ’s IED module is available as an add-on to CatIQ’s existing services, heralded as the most reliable source of Cat loss information in Canada. Primary insurers participating in the IED program receive the IED module at no extra charge. Further, CatIQ’s Canadian IED and granular loss information will be made available on the PERILS platform. 

The addition of Canada brings to 16 the number of territories currently covered by the PERILS Industry Exposure and Loss Database, which also includes: Australia, Austria, Belgium, Denmark, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Norway, Sweden, Switzerland, Turkey, and the United Kingdom. 

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