CatIQ releases annual update to the Canadian Industry Exposure Database

2021 year-end estimates added to database; industry's personal property fire exposure now in the trillions of dollars

CatIQ releases annual update to the Canadian Industry Exposure Database

Catastrophe & Flood

By Lyle Adriano

Catastrophe Indices & Quantification Inc. (CatIQ) has released its annual update to the Canadian Industry Exposure Database (IED), which now provides the Canadian insurance industry’s property sums insured estimates for the year 2021.

Much like the previous updates, CatIQ developed the latest database entries with the support of Canada’s P&C industry. On top of containing data on industry property sums insured, the IED also lists the number of risks and prevailing original insurance conditions by Canada Post Forward Sortation Area (FSA)/CRESTA zone; perils (including windstorm, hail, fire, flood, sewer back-up, earthquake and volcanic eruption), line of businesses (personal, commercial, motor hull), and cover type (building, vehicle, contents, business interruption, and additional living expense).

According to CatIQ, Canada’s IED shows a steady growth in the personal line of business. Since it began the IED in 2016, the firm has observed a compound annual growth rate of 3.7% in the personal line fire total sums insured. There are $9.3 trillion personal property assets insured against fire, CatIQ reported.

Previously, the Canadian IED loss dataset comprised of five major catastrophe events: the 2016 Fort McMurray Wildfire, the 2018 May Windstorm in Ontario and Quebec, the Ottawa and Gatineau tornadoes of September 2018, the 2020 Fort McMurray ice jam flooding and the June 2020 Calgary hailstorm.

The dataset has now been updated to include two more catastrophe events – namely, the July 2021 Calgary hailstorm and the November 2021 British Columbia flooding – for a total of seven major events.

“The industry, and other stakeholders, now have access to six years of exposure data. This is beneficial to the industry to better understand their catastrophe risk and where the insurance gaps exist,” said CatIQ managing director Laura Twidle.

“The release of the latest Canadian IED update is due to the continued support of our data providing insurance companies to whom we are extremely grateful. It is also the culmination of considerable work undertaken by our team in Toronto. It completes another annual update of all markets covered by PERILS, which we believe remains the leading source of IEDs used in the industry,” said PERILS AG CEO Luzi Hitz.

PERILS AG is the parent company of CatIQ.

“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 industry loss based risk transfer,” added Hitz.

The IED module is available to access on CatIQ’s proprietary platform, as well as its catastrophe loss database.

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