PERILS EXPANDS INTO CANADA WITH CATIQ LINK-UP

Perils has continued its international expansion by entering into a strategic alliance with Toronto-based Catastrophe Indices & Quantification (CatIQ) to provide industry loss data for Canada. Perils will now make available data for any natural catastrophe in Canada costing the market C$300m or more. Loss reporting will follow the standard Perils schedule, with the first loss report made available six weeks after the event, followed by a minimum of three updates published three, six and 12 months after the event. Canada will be the 16th territory to be covered by the Perils industry loss index, which is used for products such as industry loss warranties and insurance-linked securities. Australia, Austria, Belgium, Denmark, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Norway, Sweden, Switzerland, Turkey, and the UK are already covered by the service.