PERILS AG, the independent Zurich-based company providing industry-wide European catastrophe insurance data, has released an update for 2013 of its European Industry Exposure Database, which contains updated market-wide property values insured for European windstorms.
The update covers the following 11 countries: Belgium, Denmark, France, Germany, Ireland, Luxembourg, the Netherlands, Norway, Sweden, Switzerland and the United Kingdom. In addition, the database includes updated property estimates covering insured exposures to UK flood risks.
January 1, 2013 is the in-force date for the amounts insured. PERILS said: “As in previous years, granularity is on a CRESTA zone, property occupancy type (residential, commercial, industrial, agricultural) and coverage type (content, building, business interruption) level. Information about prevailing deductibles has also been updated.”
Total amounts insured for all eleven windstorm markets combined rose overall by 1.9 percent (1.1 percent at constant euro exchange rates), compared with values for 2012.
“Changes in country-wide sums insured vary in original currencies between -4.9 percent and +2.9 percent,” said the bulletin. “Year-on-year developments are mainly driven by movements in collected sums insured data and movements in market benchmarks. In addition to exposure information, the PERILS database contains loss data for windstorm and future UK flood events where the overall industry loss exceeds €200 million [$257 million].”
PERILS said the “losses are available at the same level of granularity as the exposure information. Intensity measures, such as gust speed information, are provided on a CRESTA zone level. The combination of up-to-date exposure data and market loss information based on identical sources and methodology enables users to validate European storm risk models and to perform exposure and loss market benchmarking.
“For insurance risk transactions based on industry losses such as industry loss warranty (ILW) contracts or insurance-linked securities (ILS), the database facilitates the defining of custom-made triggers resulting in reduced basis risk for protection buyers. It can also be used to carry out the risk assessment of such transactions, thereby ensuring consistency with the trigger definition.”
Eduard Held, Head of Products at PERILS, commented: “With the release of the 2013 Europe Industry Exposure Database we have seen a further improvement in the quality of the cat exposure data provided by PERILS.
“A key factor in this has been our ability to continue to broaden the market’s support. In addition, over the last three years, we have gained valuable insight from both previous exposure updates and computations of market losses. All of this has helped us enhance not only the quality but also the robustness of the industry data.”
Source: PERILS
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