Charles Taylor Technical Services Launches Pollution Loss Database for Western Canada
Wednesday, November 20, 2019 | 231 | 0
Aggregated Oil Field Insurance Loss Data Over a 10 Year Period
Calgary, Alberta, Canada, November 20, 2019 Charles Taylor Technical Services (CTTS) has launched a comprehensive Pollution Loss Database of insurance losses related to oil field incidents in Western Canada over a 10 year period.
The Pollution Loss Database aggregates data from 220 sudden and accidental oil field pollution-related insurance losses, which are managed by Charles Taylor Adjusting in four provinces in Western Canada. The database compiles information impacting land and waterways for the Canadian provinces of Manitoba, Saskatchewan, British Columbia, and Alberta, where much of the Canadian O&G industry is centralized, with the largest concentration of pollution losses.
Robert Paxton, Vice President, Strategy & Performance recently stated that Charles Taylor has been adjusting oil field related pollution losses in the region for more than 20 years, which gives us in-depth insight into environmental risk analysis and insurance loss trends. We believe our new Pollution Loss Database is the most comprehensive collection of data of its kind for the region, representing information on the vast majority of insurance losses triggered by accidental incidents reported during the prior 10 year period.
The database is being offered to insurers, brokers, and oil & gas companies on a subscription basis, to be updated with new loss details bi-monthly to ensure the accuracy and timeliness of insurance loss data for the region. The insight from data can assist with improved risk management practices of pipeline and well operations.
The database application is provided through CTTS user-friendly dashboards offering interactive data visualization tools to provide at-a-glance summaries of key facts, along with in-depth analysis across myriad search criteria. Access to the database is via a secure portal protected by username and password.
There are numerous data points collected per loss, including, year of spill, region, cause, type of loss contaminant, age of line, average inflation-adjusted gross quantum and number of claims, among others.
Mr. Paxton noted that the Pollution Loss Database harnesses Charles Taylors historical data of sector losses to create a sophisticated data analytics platform. We are very excited to launch our new offering, as Charles Taylor has undertaken extensive research making use of historical data and can offer that research to clients in a value-adding format to identify and analyze loss patterns and risk trends.
About Charles Taylor (www.ctplc.com)
Charles Taylor plc is a global provider of insurance-related technical services and solutions dedicated to enabling the global insurance market to do its business fundamentally better.
We have been providing insurance-related professional services and technological solutions since 1884. Today, we employ over 3,000 staff in more than 100 locations spread across 30 countries in UK & Europe, the Americas, Asia Pacific, the Middle East and Africa.
We are distinctive in our market in that our professional services and technological solutions support every stage of the insurance lifecycle and every aspect of the insurance operating model. Across these services, we handle all major commercial insurance lines including marine, aviation, natural resources, property, casualty, technical and special risks. We also handle the more technical aspects of personal lines along with life and health insurance.
Our clients range from insurers including corporates, mutuals, captives, MGAs, Lloyds syndicates and reinsurers to brokers, distributors and corporate insureds.
Our market-leading breadth of services and solutions, world?class technical expertise, extensive global presence and 100% focus on insurance means we can manage and resolve virtually any insurance-related matter, wherever and whenever it occurs.