Category: Catastrophes

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Catastrophes CatIQ Announcements CatIQ Connect

Canadian Insured Losses from Catastrophic Events Exceed CAN $3 Billion in 2023

CatIQ - Catastrophe Indices and Quantification. A PERILS Company.

Toronto (January 8, 2024) – The unprecedented frequency of catastrophic events experienced across Canada in 2023 pushed the insured loss total for the region to CAN $3.1 billion, according to CatIQ, Canada’s insured loss and exposure indices provider.

With total insured catastrophic losses exceeding $3 billion, 2023 was one of the largest loss years for the country; however, unlike the top three loss years, no single event dominated the industry losses.

Top loss years (adjusted for inflation):

  • 2016 – $5.9 billion
  • 2013 – $3.8 billon
  • 2022 – $3.4 billion
  • 2023 – $3.1 billion

Canada also experienced 23 events which generated insured losses in excess of CAN $30 million during the 12-month period – a record number for the country. These included the first-ever catastrophe declared in the territories due to the exceptionally active wildfire season across Canada.

Canada’s most impactful events of 2023 included:

  • Kelowna Wildfires in British Columbia
  • Ice Storm in Ontario and Quebec
  • Tantallon Wildfire in Nova Scotia
  • Flooding in Nova Scotia
  • Severe Storms in Ontario and Quebec
  • Winnipeg Hailstorm in Manitoba

Laura Twidle, President and CEO of CatIQ, said: “Last year was one for the record books – not in terms of the overall insured losses, but rather the total number of catastrophes which occurred during the period. In July and August, there were more catastrophes than Canada has previously seen in an entire year. The country is experiencing the increase in severe events firsthand, and collaboration across sectors is becoming more important to mitigate the impacts.”

These catastrophic events directly impact the public and require the (re)insurance industry, academia, and government to work together before, during and after each loss. To foster greater collaboration between key stakeholders, CatIQ, in partnership with MSA Research, will again host CatIQ Connect – Canada’s Catastrophe Conference – which will take place on February 6-7, 2024 at the Metro Toronto Convention Centre.

CatIQ Connect is a content-driven forum geared toward: 

  • Insurance/Reinsurance/Risk Transfer Professionals 
  • All Levels of Government 
  • Engineers/Restoration contractors
  • Academia/Researchers 
  • Risk Managers 
  • Other sectors/organizations dealing with resilience to catastrophes 

Speakers and Session topics for February’s event include: 

  • 2023 ‘Catastrophes in Review’ by CatIQ
  • Renewals Season Recap – The State of the Industry
  • Navigating the Rise of Secondary Perils
  • Wellness in the face of Disaster
  • Fireside Chat: OSFI on B-15
  • Modelling 101- Your Questions Answered
  • Tech Developments
  • Modelling 201 – Deep Dive on Wildfire
  • Incentive vs Uptake
  • CAT 2023 Feature Discussion
  • Updated from the Federal Government
  • Non-Traditional Reinsurance
  • Underwriting Spotlight
  • Inclusivity in Disaster Management
  • Earthquake: Raising Our EQ IQ
  • Climate Change and the Housing Market

To learn more about CatIQ Connect, to view the full agenda, and to register, visit https://connect.catiq.com/.

About CatIQ

Toronto-based Catastrophe Indices and Quantification Inc. (CatIQ) is a subsidiary of Zurich-based PERILS A.G. and delivers detailed analytical and meteorological information on Canadian natural and man-made catastrophes. Through its online subscription-based platform, CatIQ combines comprehensive insured loss and exposure indices and other related information to better serve the needs of the insurance / reinsurance / ILS industries, public sector and other stakeholders. www.catiq.com. CatIQ was established in 2014 with the support of the overwhelming majority of the Canadian insurance and reinsurance industry and is widely recognized as the most reliable source of catastrophe loss information in Canada. CatIQ also partners with MSA Research to host the Canadian catastrophe conference, CatIQ Connect, connect.catiq.com.

— end — 

For more information, please contact: 

Laura Twidle | CatIQ | Tel: 1(416)368-1723 x1 | Laura.twidle@catiq.com | www.catiq.com 

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Catastrophes CatIQ Announcements CatIQ Connect

Canadian insured losses from catastrophic events exceed CAN $2 billion in 2021

CatIQ - Catastrophe Indices and Quantification. A PERILS Company.

Toronto (January 11, 2022) – 2021 saw much discussion of a ‘new normal’ for Canadians, but when it comes to insured losses, it seems that the new normal – where annual losses due to catastrophes exceed $2 billion annually – is already firmly established.

2021’s total insured catastrophic loss sits at a hefty $2.04 billion as of this release, landing the year in the top five loss years for the country. And with 14 events incurring at least $25 million in insured losses, the year also ties for second place in terms of number of catastrophes. Western Canada bore the brunt of 2021’s wrath, as fires, windstorms, and record-smashing flooding lashed British Columbia and the Prairies.

“Climate-related catastrophes in Canada are increasing in frequency and severity and impacting our communities like never before,” said Lisa Guglietti, EVP and Chief Operating Officer, P&C Manufacturing at The Co-operators.  “As an industry, we must collaborate across sectors to develop real action and proactive solutions that protect the financial security of Canadians, by focusing on preventing losses, increasing risk awareness, and investing in solutions and infrastructure that will help build long-term community resiliency.”

These catastrophic events, which directly impact the public, require industry, academia and government to work together before, during and afterwards. In addition to its role as Canada’s loss and exposure indices provider, Catastrophe Indices and Quantification Inc. (CatIQ), in partnership with MSA Research, organizes a conference to foster such collaboration in Canada.  

Countdown to CatIQ Connect’s Catastrophes: Past, Present, and Innovative Paths Forward Webinar

CatIQ Connect – Canada’s Catastrophe Conference – continues in virtual format in 2022, as the in-person event remains suspended. Over the past year and a half, CatIQ has developed a series of quarterly webinars to focus on top-of-mind themes for all CAT stakeholders. Hundreds of delegates have participated in CatIQ Connect’s online format since October 2020.

The next of these events, scheduled to take place February 10, 2022, will feature in-depth commentary on the catastrophe landscape in Canada, reviewing 2021’s CATs in detail, analyzing the current state of the industry, and looking ahead to 2022 and beyond.

CatIQ Connect, is a content-driven forum geared toward: 

  • Insurance/Reinsurance/Risk Transfer Professionals 
  • All Levels of Government 
  • Engineers/Restoration contractors
  • Academia/Researchers 
  • Risk Managers 
  • Other sectors/organizations dealing with resilience to catastrophes 

Speakers and Session topics for February’s event include: 

  • 2021 ‘Catastrophes in Review’ by CatIQ
  • State of the Industry
    • Lisa Guglietti, EVP & COO, P&C Manufacturing, The Co-operators Group
    • Claus-Ulrich Kroll, President & CEO, Munich Re Canada and Temple Insurance
    • Matt Wolfe, President – Reinsurance Solutions (Canada), Aon
    • Moderated by Don Forgeron, President & CEO, Insurance Bureau of Canada
  • Government Spotlight
    • Laniel Bateman, Director for Climate Change Adaptation Policy, Environment and Climate Change Canada
    • Steve Mennill, Chief Climate Officer, Canada Mortgage and Housing Corporation
    • Vanessa Wen, Director, Strategic Policy Division, Public Safety Canada
    • Moderated by Amy Graham, Senior Market Underwriter, Vice President, Americas, Swiss Re
  • Building a Resilient Canada Report
    • Scott Vaughan, Chair, Expert Panel on Disaster Resilience in a Changing Climate, Council of Canadian Academies (CCA)
  • Incentivizing ‘Build Back Better’
    • Justin Pockar, Manager Customer Advisory Services, The City of Calgary
    • Moderated by Paul Kovacs, Executive Director, Institute for Catastrophic Loss Reduction
  • A keynote presentation on innovative insurance
  • 2022 Natural Catastrophes: The Forecasts Says?
    • Steve Bowen, Meteorologist and Head of Catastrophe Insight, Aon

Laura Twidle, Managing Director at CatIQ said, “The past two years have been nothing if not memorable catastrophe years for Canada. We are happy to have been able to bring together the catastrophe experts from different sectors to discuss the challenges they’ve faced, how they have overcome them, and what’s next.”

To learn more about CatIQ Connect, visit https://connect.catiq.com/.

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Catastrophes CatIQ Announcements CatIQ Connect

CatIQ in the news

Insurance Business Canada’s Alicja Grzadkowska was among the media presence at CatIQ Connect’s February webinar, Catastrophes – 2020 Review, 2021 Preview. Her article, “Biggest Canadian catastrophes of 2020 reveal a significant rise in risk,” focuses on the 2020 CATs in Review presentation, given by our own Laura Twidle.

“The past year hasn’t just been a unique one in Canada due to the pandemic – it’s also been an interesting year because of the variety in severe weather we’ve seen, and the impact events have had across the country. Notably, 2020 was ranked as the fourth highest in insured losses since 1983.

During CatIQ Connect’s February webinar, managing director Laura Twidle outlined the major weather events from the past year, and while it may be hard for many of us to remember what exactly happened in January 2020 when we were living out the last few blissful weeks of our pre-COVID existence, the CatIQ database never forgets.”

Read the full article at Insurance Business Canada, here.

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Catastrophes CatIQ Connect

CatIQ Connect, Canada’s Catastrophe Conference, described as ‘Where Worst Case Meets Best Practice’

Connect 2020 panel

Toronto, February 12, 2020 – The fifth annual Canadian catastrophe conference, CatIQ Connect, was held over three days last week, Feb 3-5, at the Metro Toronto Convention Centre. More than 235 delegates attended the event, including catastrophe risk professionals and emergency managers from across Canada, the United States, the Czech Republic and the United Kingdom. This year featured a great recap of the outstanding initiatives underway across the country, as well as discussions on the work yet to be done.

Delegates participated in a workshop developed by the Canadian Red Cross (CRC) on Feb 3rd. The CRC led the participants through a wildfire simulation to present the challenges faced in a disaster. From the second part of the workshop, the CRC will use the valuable insights from the diverse participants to contribute to their report on the role of a national flood insurance program in assisting individuals and small business affected by disasters.

“As someone who works with the communities most vulnerable to natural disaster impacts, I appreciated learning about the growing challenges facing the catastrophe management industry,” said Marjorie Brans, Director of Ecosystem Impact, School for Social Entrepreneurs Canada. “CatIQ Connect is a critical gathering where industry players can pool their creativity and rise to the challenge.”

Climate change and the need for resilient infrastructure were featured prominently in the conversation, as well as conversations around a high-risk flood insurance pool. “We are entering an unprecedented period of collaboration on climate resilience between the federal government and the insurance sector,” observed Craig Stewart, Vice President Federal Affairs at IBC. “As evidenced by the broad federal representation at this year’s event, CatIQ Connect provided a timely opportunity to share our mutual progress in the interest of consumers.”

Further discussion included how we can become more resilient to different types of severe events, such as earthquakes, wind, hail, flooding, and the mental health impacts of home and business owners, first responders and claims teams. Alister Campbell, President & CEO of PACICC described CatIQ Connect as a forum “where worst case meets best practice!” Having a plan in place before a disaster is important to ensuring a smooth recovery process, and CatIQ Connect supports the collaboration needed in the industry and across sectors.

Over 25 organizations participated as sponsors or partners of the event, including CRU Group, The Co-operators and IBC as Platinum Sponsors. Other sponsors included major reinsurance brokers, reinsurance companies, flood risk organizations, cat modelers, imagery specialists, and restoration and emergency management companies.

The success of the 2020 CatIQ Connect event was driven by the oversight of an outstanding Steering Committee. Representation included:

  • Jim Abraham, President, ClimAction Services Inc.
  • William Belzile, Geographic Information System Advisor, Desjardins General Insurance Group
  • Alister Campbell, CEO, PACICC
  • Claudette Cantin, Chief Actuary and CRO, Munich Re Canada
  • Paul Cutbush, SVP, Catastrophe Management, Aon
  • Esaie Djossou, AVP of Reinsurance, CAT Underwriting, International Underwriting and Data & Insights functions, Aviva Canada
  • Dr. David Etkin, Professor, Disaster and Emergency Management, York University
  • Dr. Blair Feltmate, Head, Intact Centre on Climate Adaptation, University of Waterloo
  • Dr. Maryam Golnaraghi, Director, Climate Change & Emerging Environmental Topics, Geneva Association
  • Sean Hobson, VP, National Programs, WINMAR (Canada) International Ltd.
  • Glenn McGillivray, Managing Director, ICLR
  • Ryaz Mohamed, Director, Corporate Reinsurance, The Co-operators Group
  • Shawna Peddle, Program Director, Community Economic Development Funds, The Co-operators Group
  • Sean Russell, Managing Director, Guy Carpenter
  • Craig Stewart, VP, Federal Affairs, IBC
  • Geneviève Thouin, Project Director, MCIP, FCM
  • Dwayne Torrey, Director, Construction & Infrastructure Standards, CSA Group
  • Laura Twidle, Managing Director, CatIQ
  • Rebecca Wagner, Associate Director, MSC, ECCC
  • Kyle Winston, President, CRU Group Inc.
  • Anna Ziolecki, Director, Partners for Action 

CatIQ Connect will return to the Metro Toronto Convention Centre February 1-3, 2021. View 2020 event photos.

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Catastrophes CatIQ Platform

CatIQ Announces Major Platform Enhancements

Toronto (October 10, 2019) – CatIQ has today announced the implementation of a series of new features on their state-of-the-art platform, which includes the introduction of several powerful visualization tools.

The CatIQ platform houses the Canadian insurance industry’s loss and exposure database, as well as other catastrophe-related information. The platform enhancements make available additional tools for the visualization of pre- and post-catastrophe information and the Industry Exposure Database (IED).

To complement CatIQ’s existing catastrophe forecasts, upgrades to the platform introduce a series of new data feeds from external sources including:

  • Radar and cloud cover
  • Earthquakes
  • Hurricanes
  • Water levels
  • Wildfires
  • Significant weather outlooks

These augmentations provide CatIQ subscribers with quick access to comprehensive datasets to support quick and effective decision-making. IED Subscribers can now visualize industry and their own exposures and measure sensitivity to loss for catastrophe forecasts in real time. Participating primary insurance companies can also visually compare their own exposure to the industry at the FSA level (first three digits of postal code), by business line and peril type.

Commenting on the new platform capabilities, Laura Twidle, Managing Director at CatIQ, said: “Through our CatIQ platform, we aim to provide a one-stop-shop for catastrophe information. Having swift access to a wide range of information to help make informed decisions is critical to all industry stakeholders, and we believe that these platform enhancements enable exactly that.”

A webinar tutorial on the new platform capabilities will be available to CatIQ subscribers on Wednesday, October 30, 2019 at 1 pm EDT. For more information, please contact Laura Twidle at the details listed below.

The first Canadian IED was released in June 2018. The IED now contains year-end data for 2016, 2017 and 2018. The 2019 IED will be released in the spring of 2020.

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Catastrophes CatIQ Platform

FSA-Level Industry Loss Estimates Released for Fort McMurray Wildfire and May 2018 Southern Ontario and Quebec Windstorm

Analysis

Toronto (August 23, 2018) – Catastrophe Indices & Quantification Inc. (CatIQ) today released its first insurance industry loss estimates at the level of Canada Post Forward Sortation Areas (FSAs), for the Fort McMurray Wildfire and the May 2018 Southern Ontario and Quebec Windstorm. Primary insurers participating with CatIQ’s Industry Exposure Database (IED) were surveyed to produce these estimates, 2 years after the wildfire and 90 days after the windstorm. Subscribers to CatIQ’s IED can now compare estimates of the insurance industry’s property exposure and loss by FSA for these events.

For the IED, CatIQ produces estimates of the Canadian insurance industry’s property exposure and loss at the FSA level. The exposure estimates are by:

  • FSA
  • Peril (windstorm, hail, fire, flood, sewer back-up, earthquake, and volcanic eruption)
  • Line of business (personal, commercial, and motor hull)
  • Cover type (building, vehicle, contents, business interruption, and additional living expense, where applicable)
  • Year (2016 and 2017 year-end are currently available)

The FSA-level loss estimates are as follows:

  • The same perils, lines of business and cover types as listed above
  • Any catastrophe that results in an industry loss greater than C$300 million
  • At three months, 6 months, 1 year and, if industry loss exceeds C$500 million, 2 years after the event

CatIQ’s IED launched in June 2018 and is based on detailed submissions from a majority of the Canadian insurance market. It was developed with the support of the Canadian P&C industry and in partnership with Zurich-based PERILS AG. Consistent with PERILS’ methodology, CatIQ will release new exposure estimates annually each spring.

The IED is available as an add-on to CatIQ’s existing services, heralded as the most reliable source of catastrophe loss information in Canada. Primary insurers participating in the IED program receive the IED at no extra charge. Furthermore, CatIQ’s IED will be made available on the PERILS platform.

CatIQ also hosts the annual Canadian catastrophe conference, CatIQ Connect, formerly C4. The highly anticipated event will take place at the Metro Toronto Convention Centre February 4-6, 2019. CatIQ Connect is a content-driven conference designed to foster collaboration between sectors relating to Canadian catastrophes with an objective to mitigate the impacts of extreme events on communities and organizations.

CatIQ Connect keynotes:

  • Howard Kunreuther, Co-Director of the Wharton Risk Management and Decision Processes Center, University of Pennsylvania, will present The Ostrich Paradox: Why We Underprepare for Disasters
  • Henk Ovink, Special Envoy for International Water Affairs for the Kingdom of Netherlands, in a fireside chat with The Co-operators’ President & CEO, Rob Wesseling
  • Ed Struzik, a Canadian author and photographer, will present a view of how wildfires will shape the future

CatIQ Connect Agenda Highlights:

  • Interactive Workshop
  • Climate Concerns in Financial Services
  • Lessons Learned on Hurricanes
  • Meltdown: A Nuclear Catastrophe
  • Local Perspectives on Recent Events
  • Are Critical Services Adapting?
  • Risk Communication and Personal Perception
  • Codes and Standards
  • Mortgage Impairment Due to Earthquake Loss
  • New Technologies and Techniques
  • A Scientific View of Climate Change

To register for CatIQ Connect 2019 in Toronto, or to keep up to date on the latest announcements, visit www.catiq.com/connect or follow CatIQ on Twitter at @CatIQ_Inc or through the hashtag #CatIQConnect.

Download the full PDF press release.

About CatIQ

Toronto-based Catastrophe Indices and Quantification Inc. (CatIQ) delivers detailed analytical and meteorological information on Canadian natural and man-made catastrophes. Through its online subscription-based platform, CatIQ combines comprehensive insured loss and exposure indices, meteorological and GIS analytics and other related information to better serve the needs of the insurance / reinsurance / ILS industries, the public sector and other stakeholders. CatIQ was established in 2014 with the support of the overwhelming majority of the Canadian insurance/reinsurance industry and is widely recognized as the most reliable source of Cat loss information in Canada. CatIQ is affiliated with MSA Research Inc., Canada’s dominant provider of financial analytics covering the P&C and Life/Health insurance sectors. CatIQ also hosts the annual Canadian catastrophe conference, CatIQ Connect, which will next run Feb 4-6, 2019 in Toronto.

More information can be found at www.catiq.com.

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Catastrophes

100 Catastrophes from 2008-2018 Cost the Canadian Insurance Industry C$17.4 Billion

Wildland fire

Toronto (April 20, 2018) – April marked the month that Canada exceeded 100 catastrophes over the span of a decade. The top four costliest events occurred in the latter half of the decade, all of which had eye-opening impacts on the Canadian insurance industry.

Top 5 costliest Canadian catastrophes since 2008:

  1. 2016 Fort McMurray Wildfire
  2. 2013 Southern Alberta Flood
  3. 2013 Greater Toronto Area Flooding
  4. 2014 Central Alberta Hailstorms
  5. 2011 Slave Lake Fire

CatIQ’s loss index platform contains insured loss catastrophe (CAT) data extending back to 2008. The most recent CAT came in the form of an ice storm that downed trees, powerlines and caused flooding across southern Ontario, but also led to tens of thousands without power in Quebec. Over the past decade, there have been other ice storm CATs, with December 2013 being the most memorable and ranking as the 12th costliest event in the CatIQ database.


The Canadian industry reached C$1.4 billion in insured losses in 2017. It is becoming increasingly common for Canadian annual insured losses from CATs to exceed C$1 billion as severe weather events become more frequent, and 2018 is off to a costly start. CatIQ reports that Canadian insurance industry CAT losses amounted to C$17.4 billion since 2008.

Categories
Catastrophes CatIQ Announcements

Updated Industry Loss Estimate Released on Canada Day Weekend Flooding in the Prairies

Heavy rain

Over $140 million in Insured Damage

Toronto (September 18, 2014) – Catastrophe Indices and Quantification Inc. (CatIQ) today released updated industry loss estimates on the flooding which occurred in Manitoba and Saskatchewan during the Canada Day Long Weekend (June 28-30, 2014). The updated insured loss estimate of over $140 million (which includes loss adjustment expenses) came from the recent 45-day re-survey of the overwhelming majority of affected insurers.

CatIQ has now pegged this catastrophe as the second largest to occur in Canada so far in 2014, following the hailstorms in Alberta which occurred in early August. CatIQ’s in-house meteorologist and Director of Catastrophic Loss Analysis, Carolyn Rennie, analyzed the meteorological system which triggered the flooding stating, “Over the Canada Day Long Weekend, a large low pressure system moved through the Prairies. The stationary system brought strong winds and heavy rains to areas of southeastern Saskatchewan and southwestern Manitoba for the entire weekend. The heavy rains, up to 230 mm in some areas, caused widespread flooding. Rivers and creeks overflowed which impacted areas from Regina to Winnipeg. The hardest-hit areas were on the Saskatchewan /Manitoba border. “

CatIQ will continue to monitor the development of this and other events. CatIQ is offered as a free service to Canadian primary insurers who supply data through surveys on the insured losses. In order to most accurately estimate the losses, exclusive Canadian Market Share data is used, as published by CatIQ’s sister company MSA Research Inc.

Members who subscribe to CatIQ have access to additional information related to this Cat (and all 2014 Cats) including; geographic footprint, media, affected postal codes, as well as the industry loss estimates broken out by province and line of business.