Europe’s PERILS Expands Coverage to Norway, Sweden

PERILS, the independent Zurich-based company that provides industry-wide catastrophe insurance data, announced that it has extended its market coverage to include Norway and Sweden.

The two Nordic markets are in addition to the nine territories already covered by PERILS: Belgium, Denmark, France, Germany, Ireland, Luxembourg, the Netherlands, Switzerland and the United Kingdom.

With the inclusion of Norway and Sweden the company’s market coverage now “incorporates all of the regions likely to be most affected by a major Pan-European windstorm loss,” said the bulletin.

PERILS collects insured coverage amounts and post-event loss data from primary insurers across Europe for windstorm risk. The collected data enables it to produce what it described as an “independent and objective estimates of market exposure (total sums insured) and market loss portfolios. This information can be used for a range of applications, including for industry loss-based risk transfer products such as Industry Loss Warranties and Insurance-Linked Securities.”

PERILS CEO Luzi Hitz commented: “The inclusion of Norway and Sweden marks another milestone in the PERILS history. We are particularly thankful to the primary insurance industry in these two markets for their broad support. Without this support, PERILS could not fulfill its mission to increase transparency in the European natural catastrophe risk landscape, and as a result facilitate a more liquid and stable Cat market.”

Eduard Held, Head of Products at PERILS, added: “We are very proud that PERILS can now also provide the industry exposure and loss data for Norway and Sweden at a CRESTA and Property line of business resolution. This allows the full range of possible data applications, including the ability to define bespoke loss triggers used in insurance-linked risk transfer products which reduces basis risk for the protection buyer.

Source: PERILS