The dramatic rise in CAT claims has spurred a partnership between a Canadian company and Catastrophe Indices and Quantification Inc. (CatIQ), bringing real-time information from catastrophe zones from across the country.
Crawford & Company Canada is partnering with CatIQ to provide CatIQ users with real-time information from catastrophe zones across the country.
“We are thrilled that Crawford, the world’s largest independent provider of claims management solutions has joined this program for the industry’s benefit,” said Joel Baker, CEO of CatIQ. “Crawford’s reach will give CatIQ’s users excellent visibility into the complexities that quickly arise in the wake of catastrophes and help insurers respond more effectively.”
The insurance industry has been calling on all levels of government to address the growing cost of catastrophic cover in Canada.
Recent data from the Global Catastrophe Recap report shows that severe thunderstorm peril was the costliest disaster type for the first six months of 2014, accounting for 32 per cent of the economic loss and 46 per cent of the insured loss during that period – comprising mainly of hail and wind events in North America and Europe.
Crawford & Company is the world’s largest independent claims management company, with more than 700 offices in 70 countries.
Subscribers can gain information such as photos, videos and text-based reporting from catastrophe zones through CatIQ’s proprietary CatHUB interface online. (continued.)
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According to CatIQ, its online subscription-based application provides comprehensive insured loss indices, granular industry-wide loss estimates, Geographic Information System (GIS) mapping and other related information.
“We look forward to being part of such a unique program and having the opportunity to help our industry during difficult times,” said Pat Van Bakel, CEO of Crawford & Company Canada. “CatIQ’s innovative system and Crawford’s experience in handling catastrophic losses will help users access important, detailed information when they need it the most.”
In a similar recent move, CatIQ also announced that its users would gain catastrophe zone information from Canadian independent adjusting firm Catastrophe Response Unit Adjusters Inc.
