Incurred losses relating to all catastrophic events over the past eight years exceed C$11bn, averaging C$1.4bn per year, according to data recently released by Catastrophe Indices and Quantification Inc. (CatIQ).
The company, which provides GIS footprints, postal codes, meteorological & damage information, photos, videos and related media for both CATs and NEs (notable events), along with comprehensive insured industry loss estimates for CAT events, recently released catastrophic insured loss estimates from 2008 to the present day.
CatIQ′s detailed database now has 69 catastrophic events, along with an additional 70 notable events from January 1, 2008 to the present. The company claims this rich dataset will prove invaluable to the Canadian and global insurance/reinsurance/ILS industries as well as other stakeholders dealing with catastrophe management.
Industry loss estimates are based on surveys of the overwhelming majority of affected insurers. “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,” said Carolyn Rennie, CatIQ′s director of catastrophic loss analysis.”
