Zurich-based catastrophe loss aggregator PERILS has expanded its market coverage to include exposure and event loss data for European floods.
The new service, which comes in the wake of devastating floods across Europe in 2021, will enhance the firm’s existing windstorm coverage across the continent.
The expanded coverage means that data for industry-wide property sums insured exposed to flood in the listed countries are available in the PERILS database.
Additionally, PERILS’ industry loss reporting service for Europe will also now include loss reporting for both wind and flood events that generate industry losses of €500m or higher.
“The inclusion of European flood marks the achievement of another of our targets for 2022, following the addition of wind and flood for Japan in June,” said Luzi Hitz, CEO of PERILS.
“We thank the European insurance industry for their strong support which has made this possible. Access to data on current and past exposures and losses is key to understanding natural catastrophe risk, yet in the past, reliable, consistent loss information has been largely unavailable,” Hitz continued.
“Since 2009, through the application of our systematic, ground-up data approach and with the continuous backing of the insurance market, PERILS has worked to address this critical data shortfall, and we are incredibly proud of the advances we have made during this period.”
At the same time, PERILS has also announced that it has raised the loss capturing thresholds for extratropical windstorm and flood in Europe to €500m from €200m for pan-European industry losses and to €300m for industry losses in an individual country.
For natural catastrophe events in Australia, New Zealand, Canada and Japan, the loss capturing thresholds remain unchanged at AUD 500m, NZD 300m, CAD 300m and JPY 100bn, respectively.
On the loss capturing threshold, Dalida Bachmann, Head of Client Relationship at PERILS, explained: “Our decision to adjust the capture threshold reflects the significant growth of insurance exposures in Europe over the last 13 years.”
“By setting the threshold at EUR 500m for pan-European events and EUR 300m for individual countries, we believe this achieves the correct balance between ensuring we continue to provide relevant event loss data while also ensuring the reporting requirements for our data providing insurance companies are not overly burdensome.”