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CatIQ
Natural disaster recovery: Who owns the risk?
January 31, 2018 by David GambrillCanadians are not fully aware of their exposure to natural catastrophe risks, triggering a conversation at the C4 2018 conference in Ottawa about who is responsible for shouldering the heavy load of mounting disaster recovery costs. Organized by Catastrophe Indices…
Canada starting to build a “culture of climate resilience,” insurers say
January 24, 2018 by David GambrillCanada is starting to create a culture of climate resilience, particularly around overland flood risk, says the Insurance Bureau of Canada (IBC), an association of Canada’s home, auto and business insurers. “We’re encouraged and fairly optimistic that the wheels are…
Was Atlantic winter storm 2018’s first cat event?
January 16, 2018 by Jason ContantA winter storm that caused storm surges and extensive power outages in Atlantic Canada in early January may not have been a catastrophe event, but it was definitely significant, Catastrophe Indices and Quantification Inc. (CatIQ) told Canadian Underwriter Monday. CatIQ…
Why Canadian insurers paid $1.33 billion for cat claims in a benign cat year
January 9, 2018 by David GambrillCanadian insured losses from catastrophic events in 2017 totaled $1.33 billion, CatIQ Inc. reports, the fifth time that’s happened over the past seven years. “It’s becoming increasingly common to have Canadian annual insured losses to be greater than $1 billion,”…
B.C. wildfires cause more than $127 million in insured damage: CatIQ
September 27, 2017 by Canadian UnderwriterThe “two most significant wildfires in British Columbia this summer” caused more than $127 million in insured damage, the Insurance Bureau of Canada (IBC) said, quoting Catastrophe Indices and Quantification Inc. (CatIQ). The wildfires around Williams Lake caused close to…
Insured damages exceeds $124 million from Windsor August floods: CatIQ, IBC
September 25, 2017 by Canadian UnderwriterFloods in late August in Windsor, Ont. resulted in more than $124 million in losses to the industry, Insurance Bureau of Canada suggested Monday. “From August 28 – 29, a slow-moving area of low pressure produced significant rainfall over areas…
OneEleven and Aviva Canada to host Canada’s “first ever” DisasterTech Hackathon
September 12, 2017 by Canadian UnderwriterOneEleven, described as “North America’s largest scaleup innovation hub,” and Aviva Canada have announced that a 48-hour DisasterTech Hackathon will be held next month in Toronto. The event will kick off at OneEleven’s office at 325 Front St. West in…
Spring flooding in Ontario and Quebec caused more than $223 million in insured damage: CatIQ
September 1, 2017 by Canadian UnderwriterTwo significant spring storm and flooding events in eastern Ontario and western Quebec resulted in more than $223 million in insured damage, according to information from Toronto-based Catastrophe Indices and Quantification Inc. (CatIQ) released on Friday. Between April 5 and…
CatIQ enters into agreement with Impact Forecasting to use cat event flood response footprints for Canada
August 11, 2017 Jason Contant, Online EditorToronto-based Catastrophe Indices and Quantification Inc. (CatIQ) announced that they have entered into an agreement whereby Impact Forecasting’s cat event response flood footprints for Canada will be made available as a layer on CatIQ’s CatHUB module. “Aon Impact Forecasting’s Canadian…
PERILS discloses second loss estimate of 259 million euros for extratropical cyclone Zeus
June 6, 2017 by Canadian UnderwriterPERILS AG has disclosed a second loss estimate for extratropical cyclone Zeus of 269 million euros. The revised estimate, released on Tuesday, is for the property insurance market loss, said PERILS, an independent organization based in Zurich, Switzerland that provides…
Canada lacks ‘commercially widely available wildfire models,’ Aviva Canada reinsurance VP warns
May 2, 2017 Greg Meckbach, Associate EditorInsurers have no “meaningful way of modelling wildfire” losses, a senior executive for Swiss Re Ltd. recently suggested to industry professionals. “If you look at it globally speaking, usually about half of the total insured losses globally are unmodelled perils,”…
March windstorm in eastern Newfoundland caused close to $45 million in insured damage: CatIQ
April 26, 2017 by Canadian UnderwriterA windstorm in eastern Newfoundland on March 11 has resulted in nearly $45 in insured damages, according to Catastrophe Indices and Quantification Inc. (CatIQ). The Insurance Bureau of Canada (IBC) explained in a press release on Wednesday that a low…