Charles Taylor Technical Services (CTTS) has unveiled a comprehensive pollution loss database that aggregates data on insurance losses related to oil field incidents in Western Canada – namely, the provinces of Manitoba, Saskatchewan, British Columbia, and Alberta.
In particular, the database collects oil field pollution information from the region over a 10-year period. The database collects 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.
A release explained that the four provinces were selected to be monitored by the database because they are where the Canadian oil and gas industry is centralized, and thus the provinces have the largest concentration of pollution losses.
“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,” said Charles Taylor vice president of strategy and performance Robert Paxton.
Paxton added that the database taps into Charles Taylor’s historical data of sector losses to create a “sophisticated data analytics platform.”
Charles Taylor is offering the database to insurers, brokers, and oil & gas companies on a subscription basis. The database will be updated with new loss details bi-monthly to ensure its accuracy.
The database application is accessed through CTTS’ dashboards, which provide interactive data visualization tools.
