What Underwriters Can Learn From Cloudy With A Chance Of Meatballs

  Friday, February 7th, 2020 Source: Canadian Underwriter

Hail is a major driver of insured property damage in Canada, but testing resilience of roofing material by dropping steel balls on it has limited value, a CatIQ Connect speaker suggested Wednesday. Roy Wright, president and CEO of the Insurance Institute for Business and Home Safety, described how the industry tends to test roofing materials.

“They drop a two-inch steel ball from above it and find out if it cracks,” Wright said during Narrowing Disaster Impacts: Flood, Fire, and the Importance of the Roof, which wrapped up CatIQ Connect.

“How many of you have seen steel balls hit roofs of homes in Canada?” Wright asked the audience during his luncheon presentation.

“How many of you have read that children’s book, Cloudy with a Chance of Meatballs? Because you are just as likely to have meatballs hit your roof as you are to have steel balls. What we found is that is not how hail actually performs,” said Wright.

CatIQ connect was held Feb. 3 through 5 at the Metro Toronto Convention Centre and produced by Catastrophe Indices and Quantification Inc.

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