PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data, announced that it has extended its market coverage to include the peril of inland flooding in the UK.
The bulletin explained that as of the first of January the firm will “collect loss data from inland flood events in the UK which result in market losses in excess of €200 million [$264 million]. This will be in addition to collecting loss data from windstorms and other ensuing perils, such as storm surge.”
The data will be made available as of April first, together with updated windstorm exposure data in the following eleven countries covered by PERILS: Belgium, Denmark, France, Germany, Ireland, Luxembourg, the Netherlands, Norway, Sweden, Switzerland and the UK.
With the addition of the UK flood data “PERILS database now incorporates the two most important natural catastrophe risks for the UK, namely windstorm and flood.
“PERILS collects sums insured and event loss data from primary insurers across Europe on a CRESTA Zone and Property Line of Business basis. The collected data enables PERILS to produce 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 natural catastrophe risk assessment and industry loss-based risk transfer products such as Industry Loss Warranties and Insurance-Linked Securities.”
PERILS CEO Luzi Hitz commented: “The inclusion of UK flood risk marks another milestone in the expansion of the market coverage provided by PERILS. We are grateful for the support of the UK primary insurance industry in making this happen and take it as further encouragement to continue to broaden our coverage, both in terms of geography and perils. Our mission is to increase transparency in the natural catastrophe risk arena, and by adding UK flood risk to our market coverage, this is another significant step in this direction.”
Source: PERILS
Topics Catastrophe Flood
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