Catastrophe Indices & Quantification Inc (CatIQ), has released its annual update of the Canadian insurance Industry Exposure Database (IED).
The IED, they say, “showed continued growth in insured assets for personal lines overland flood insurance, revealing a year-on-year increase of 12 per cent in the overall number of insured risks and an increase off 18 per cent in flood sums insured to $7.3-trillion,” they write.
They add that the database update, based on exposure submissions from the majority of the Canadian insurance market, contains 2023 year—end estimates of Canadian industry property sums insured. “The year-on-year increase in sums insured is 11.3 per cent in the Canadian market,” they add.
The database of sums insured, risks and prevailing original insurance conditions are available by postal code, by peril, by line of business and by coverage type.
“The growth in flood-insured assets is a positive sign for the Canadian industry as it indicates that take-up rates are improving for this particular peril,” Laura Twidle, president and CEO of CatIQ said in a statement regarding the database update.
They add that the update will power several applications, including model validation, vulnerability insights and market benchmarking. “Furthermore, such detailed data facilitate risk transfer via industry loss-based re/insurance products,” PERILS AG CEO, Christop Oehy added in the statement. (CatIQ is a subsidiary of the Zurich-based provider of natural catastrophe exposure and event loss data.)