CatIQ sees higher sums insured in catastrophe database
CatIQ sees higher sums insured in catastrophe database | Insurance Business Canada
Catastrophe & Flood
CatIQ sees higher sums insured in catastrophe database
Annual update also features growth in flood insurance
Catastrophe & Flood
By
Terry Gangcuangco
PERILS AG subsidiary Catastrophe Indices & Quantification Inc. (CatIQ) has released its update of the Canadian insurance IED (industry exposure database) for 2024.
The latest update showed that property assets insured against natural perils in Canada have reached a total value of $19 trillion. This marks an 11.3% year-on-year increase in sums insured, aligning with the growth rates seen in various European markets in PERILS AG’s IED report.
The updated CatIQ IED also highlights significant growth in personal lines overland flood insurance. The number of insured risks has increased by 12%, and flood sums insured have risen by 18%, totalling $7.3 trillion.
Derived from detailed exposure submissions by most of the Canadian insurance market, the database now also includes 2023 year-end estimates of property sums insured.
Laura Twidle (pictured), president and chief executive of CatIQ, stated: “The growth in flood-insured assets is a positive sign for the Canadian industry as it indicates that take-up rates are improving for this particular peril, which in turn helps to close the protection gap further.
“I would like to take this opportunity to thank all our participating insurers for their support in the production of this database.”
Christoph Oehy, CEO of PERILS, remarked: “I congratulate the CatIQ team for the successful release of the Canadian IED 2024. The high-resolution market exposure and loss data support several unique applications, including model validation, vulnerability insights, and market benchmarking.
“Furthermore, such detailed data facilitate risk transfer via industry loss-based re/insurance products.”
The CatIQ IED module, alongside the Canadian catastrophe loss database, is accessible through the CatIQ platform. Additionally, the IED and granular loss information are available on the PERILS platform.
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