PERILS, the independent Zurich-based organization providing industry-wide catastrophe insurance data, has extended its market coverage to include Italy, and will provide data for both earthquake and flood perils with immediate effect.
PERILS said it will make available market-wide property sums insured exposed to earthquake and flood in Italy. In addition to the sums insured information, PERILS will provide event loss data from earthquake and flood events in Italy.
The amounts at risk will be collected from the property sums insured and event loss data from primary insurers in Italy on a CRESTA Zone (2-digit postal code) and Property Line of Business basis.
Based on the collected data, PERILS said it will produce objective estimates of market exposures (total sums insured) and market losses. This information can be used for a range of applications, including natural catastrophe risk assessments, the development of new insurance products and industry-loss-based risk transfer instruments.
PERILS also noted that it has collected event loss data for the earthquakes which took place in Emilia-Romagna on 20 and 29 May 2012. The resulting market-wide insured property losses are €802 million [$1.05 billion] (20 May 2012) and €436 million [$571 million] (29 May 2012), or a total for both events combined of €1.24 billion [$1.576 billion], making it the biggest ever insured loss for the Italian market.
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