View this article online: https://www.insurancejournal.com/news/international/2015/04/01/362753.htm
Catastrophe insurance data provider PERILS AG announced the release of the 2015 update for its Industry Exposure Database (IED), “contains updated market-wide property sums insured for European windstorm for the following eleven countries: Belgium, Denmark, France, Germany, Ireland, Luxembourg, the Netherlands, Norway, Sweden, Switzerland and the United Kingdom.”
PERILS also announced that it has modified the database to contain property sums insured for Austria Wind, as well as “property sums insured exposed to Italy and UK Flood and Italy Earthquake have also been updated.”
The in-force date of the sums insured were established as of January 1, 2015. 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.
“Compared to 2014, the total sums insured movement over all windstorm markets combined is +4.0 percent (+3.0 percent at constant FX rates). Changes in country-wide sums insured show a greater variation. Year-on-year developments are mainly driven by movements in collected sums insured data and movements in market benchmarks.
The bulletin also noted that in addition to the exposure information the “database contains loss data for European windstorm, Italy and UK flood and Italy earthquake events where the overall industry loss exceeds the PERILS capturing threshold. The losses are available at the same level of granularity as the exposure information. Intensity measures, such as gust speed information, are also provided.
“The combination of up-to-date exposure data and market loss information based on identical sources and methodology enables users to validate natural catastrophe risk models and to perform market exposure and loss 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.
PERILS CEO Luzi Hitz commented: “As in previous years, the latest version of the PERILS IED is based on newly collected sums insured from insurance companies writing property business in the territories covered. This bottom-up approach ensures that the most current portfolio information is incorporated into the IED on an annual basis, and that changes and corrections in company sums insured are taken into account. Year-on-year movements are therefore driven as much by actual changes on the ground as they are by improvements in data capturing.”
Eduard Held, Head of Products at PERILS, added: “For the first time, the 2015 release of the PERILS IED contains market-wide windstorm sums insured for Austria. We are pleased to be able to announce this extension and would like to thank the Austrian insurance companies for their support in providing their data. The extension of our IED further demonstrates our continued commitment to expanding our market coverage and adding new perils and geographies where we have generated sufficient market support.”
Source: PERILS