Loss index provider launches in Canada
An independent catastrophic loss index provider, which will provide analytical and meteorological information on Canadian natural and man-made catastrophes to the re/insurance industry, has launched in Canada.
Catastrophe Indices and Quantification (CatIQ) will provide, through its online subscription-based application, comprehensive insured loss indices, granular industry-wide loss estimates, Geographic Information System (GIS) mapping and other related information.
“It is essential that insurers have access to reliable, detailed and complete catastrophe data in order to better understand, underwrite, manage, price, reserve, monitor, quantify and transfer catastrophe risk,” said Joel Baker, chief executive officer of CatIQ.
“An overwhelming majority of insurers operating in Canada as well as reinsurance brokers, reinsurers and the Institute for Catastrophic Loss Reduction support the launch of CatIQ and have provided valuable input during our recent cross-country road show, which has helped to shape the methodology and feature set of CatIQ.”
CatIQ’s loss indices will operate at an unprecedented degree of precision due to access to exclusive market share information provided by MSA Research, a sister company and provider of insurance analytics.
“The increasing level of catastrophe activity in Canada requires that insurers, reinsurers, re/insurance intermediaries and others have access to a suite of dynamic tools that will allow them to get a better handle on the impact that these events can have on their individual operations,” said Glenn McGillivray, managing director, Institute for Catastrophic Loss Reduction.
“CatIQ will offer such tools and in the coming months and years, we look forward to seeing firsthand the positive effect these will have on the way Canadian property and casualty industry players deal with the challenge of more and larger extreme events.”
CatIQ is directed by an eight member senior advisory committee that represents the insurance and reinsurance industries in Canada. The committee’s mandate is to guide CatIQ as it rolls out to ensure it is relevant, accurate and timely for the industries it serves.
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