Zurich-based PERILS AG, announced the release of the 2014 update of the PERILS Europe Industry Exposure Database, which, it said, “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. In addition, the database includes updated property sums insured exposed to Italy and UK flood and Italy earthquake.”
The in-force date of the sums insured dates as of January 1, 2014. “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.”
PERILS also said: “Compared to 2013, the total sums insured movement over all eleven windstorm markets combined is +2.3 percent (+3.5 percent at constant FX rates). Changes in country-wide sums insured vary in original currencies between +1.4 percent and +6.4 percent. Year-on-year developments are mainly driven by movements in collected sums insured data and movements in market benchmarks.
“In addition to exposure information, the PERILS 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 provided on a CRESTA zone level.
“The combination of up-to-date exposure data and market loss information based on identical sources and methodology enables users to validate nat cat risk models and to perform exposure and loss market 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.”
Source: PERILS
Topics Europe
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