Catastrophe loss data aggregator PERILS is to extend its line of business reporting to include Australian motor for personal and commercial lines.
PERILS will make available market-wide motor sums insured exposed to earthquake, flood, tropical cyclones, extratropical cyclones, hailstorms and bushfires in Australia via its database.
These are the same perils currently covered for the property line of business.
Event loss data will be provided for any events above a market loss of AUD 500 million caused by these respective perils, for property and motor market losses combined.
PERILS will continue to collect property sums insured, but in addition will include motor sums insured and motor event loss data from primary insurers in Australia per postcode.
“In addition to Canada, Australia will be the next market for which PERILS provides motor exposure and loss reporting,” said Luzi Hitz, Chief Executive Officer of PERILS.
“We are particularly grateful for the support we have received from the primary insurance industry in Australia to add motor going forward as without this it would not be possible.
“We believe it is yet another enhancement to our offering to fulfil our mission to increase data availability and transparency in the field of natural catastrophe insurance and to also enhance the availability of capacity into this important market.”
Darryl Pidcock, Head of PERILS Asia-Pacific, added, “PERILS has been covering the Australian market for nearly three years during which time we have been increasingly asked by the industry to provide motor exposure and loss data.
“This enhancement will be the first time that motor exposure and loss data is available in the Australian market. Motor is a major line of business in the Australian market and is a significant contributor to losses, as we observed in more recent events such as Sydney Hailstorms in December 2018 and the Australian Hailstorms in January 2020.”
