The Canadian Association of Insurance and Financial Professionals (CATIQ) has recently released its annual update of the Insurance Industry Exposure Database for Canada. This database provides a comprehensive overview of the property assets insured in the country, with a total value of CAD $1.9 trillion.
According to the report, the database includes information from over 90% of the Canadian insurance market, making it a reliable and accurate representation of the industry’s exposure. It covers various types of property assets, including residential, commercial, industrial, and institutional properties.
The update also highlights the significant growth in insured property assets over the past year, with an increase of 5.6% from the previous year. This growth can be attributed to the rise in property values and the addition of new properties to the database.
Furthermore, the report provides a breakdown of the insured property assets by province, with Ontario leading the way with a total value of CAD $1.1 trillion. This is followed by Quebec with CAD $300 billion and British Columbia with CAD $200 billion.
In terms of the types of properties insured, residential properties make up the majority with a value of CAD $1.2 trillion, followed by commercial properties with CAD $500 billion. The report also notes a significant increase in the value of institutional properties, which have reached CAD $100 billion.
CATIQ’s Insurance Industry Exposure Database is a valuable resource for insurance professionals, providing them with crucial information to make informed decisions and assess risks accurately. It also serves as a benchmark for the industry and helps identify potential areas for growth and improvement.
In conclusion, the annual update of the Insurance Industry Exposure Database for Canada by CATIQ showcases the significant role of the insurance industry in protecting property assets in the country. With a total value of CAD $1.9 trillion, this database serves as a vital tool for insurance professionals and provides valuable insights into the industry’s growth and trends.
