Charles Taylor Technical Services launches pollution loss database
Charles Taylor Technical Services (CTTS), a global provider of insurance-related technical services and solutions, has launched a comprehensive pollution loss database of insurance losses related to oil field incidents in Western Canada over a 10-year period.
The pollution loss database aggregates data from 220 sudden and accidental oil field pollution-related insurance losses, which are managed by Charles Taylor Adjusting in four provinces in Western Canada. The database compiles information impacting land and waterways for the Canadian provinces of Manitoba, Saskatchewan, British Columbia, and Alberta, where much of the Canadian oil and gas industry is centralized, with the largest concentration of pollution losses.
Robert Paxton, vice president, strategy and performance, said: “Charles Taylor has been adjusting oil field-related pollution losses in the region for more than 20 years, which gives us in-depth insight into environmental risk analysis and insurance loss trends. We believe our new pollution loss database is the most comprehensive collection of data of its kind for the region, representing information on the vast majority of insurance losses triggered by accidental incidents reported during the prior 10-year period.”
The database is being offered to insurers, brokers and oil and gas companies on a subscription basis, to be updated with new loss details bi-monthly to ensure the accuracy and timeliness of insurance loss data for the region. The insight from data can assist with improved risk management practices of pipeline and well operations.
There are numerous data points collected per loss, including, year of spill, region, cause, type of loss contaminant, age of line, average inflation-adjusted gross quantum and number of claims, among others.
Paxton noted that the pollution loss database harnesses Charles Taylor’s historical data of sector losses to create a sophisticated data analytics platform. “We are very excited to launch our new offering, as Charles Taylor has undertaken extensive research making use of historical data and can offer that research to clients in a value-adding format to identify and analyse loss patterns and risk trends,” he said.
