PERILS partners with CatIQ on Canadian cat loss data
PERILS, a provider of catastrophe insurance data, has entered a strategic alliance with Toronto-based Catastrophe Indices and Quantification (CatIQ) to provide industry loss data for Canada.
PERILS, via its industry loss index service, will report on events with market losses of CAD 300 million ($229.5 million) or above, for all natural perils in Canada including earthquakes, floods, various types of storms, wildfires, and volcanic eruptions.
The loss data will be made available by Canadian province and by the private/commercial property and motor hull (auto) lines of business.
Luzi Hitz, CEO of PERILS, commented: "We are extremely pleased to be announcing our partnership with CatIQ. The firm’s excellent market reputation has enabled it to secure the support of most of the Canadian general insurance sector.
"Providing CatIQ data through the PERILS industry loss index service fits perfectly with our mission to increase data availability for the insurance industry. It also reinforces our ability to provide a one-stop-shop for state-of-the-art industry loss triggers, thereby helping to increase the efficiency of this specialised risk transfer market."
Joel Baker, founder and CEO of CatIQ, added: "We are thrilled to be working with the esteemed PERILS team to bring CatIQ’s analytics and loss indices to the wider risk transfer market. We consider this a win-win-win for ourselves, PERILS and the markets we serve. The CatIQ team looks forward to working closely with our new partner, PERILS, to bring additional innovative solutions to the global market."
CatIQ's advisory board includes representatives from three major Canadian primary writers, one global reinsurer, and representatives from Aon Benfield, Guy Carpenter, JLT Re, the Insurance Bureau of Canada (IBC), the Institute for Catastrophic Loss Reduction (ICLR) and Canada's federal agency, Environment and Climate Change Canada.
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