PERILS AG, the independent Zurich-based company that provides industry-wide catastrophe insurance data, has released the 2017 update of the PERILS Industry Exposure Database (IED).
The updated database is composed of more than 200,000 individual data entries defining property sums insured and number of risks exposed to natural perils in Australia, Europe (Austria, Belgium, Denmark, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Norway, Sweden, Switzerland and the United Kingdom) and Turkey.
The in-force date of the exposure data is Jan. 1, 2017, PERILS said, noting that information about prevailing deductibles and limits has also been updated. The updates for 2017 again have been produced from scratch, using a bottom-up data collection process, based on exposure information newly collected from insurance companies that represent more than 65 percent of the property market in the territories covered.
The biggest exposure in the industry database is “European Windstorm,” with some €54 trillion ($56.5 trillion) of insured property values, PERILS continued.
Compared to Jan. 1, 2016, the overall European windstorm sums insured decreased by -0.4 percent (+2.3 percent at constant foreign exchange rates). Year-on-year variations in Australia, Italy and Turkey range from +2 percent to +24 percent. The year-on-year developments in all territories are mainly driven by movements in collected sums insured data and movements in market benchmarks, the company explained.
“I am very pleased that the data collection over the last few months has again gone smoothly, which has enabled us to produce the update of the PERILS Industry Exposure Database on time,” said Luzi Hitz, CEO of PERILS, commented.
“I would like to thank all data-providing insurance companies for their support. Without their collaboration, we would not be able to produce consistent, high-quality market data which serves to improve the understanding and tradability of natural catastrophe risk,” Hitz added.
“In addition to exposure information, the PERILS database contains loss data from a growing number of natural catastrophe events,” commented Eduard Held, head of Products at PERILS.
“By combining exposure data with loss and hazard data, we can support a broad spectrum of applications, ranging from market share analysis to the validation of natural catastrophe models,” Held said. “The exposure and loss data is also used for the structuring and risk assessment of industry loss based risk transfer products such as cat bonds and industry loss warranty transactions.”
The PERILS database is available to all interested parties via annual subscription. It contains industry property sums insured and event loss information on a CRESTA zone level and per property line of business. PERILS industry loss estimates provided via the PERILS Industry Loss Index Service can be used as triggers in insurance risk transactions such as industry loss warranty contracts (ILW) or insurance-linked securities (ILS).
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