Reinsurance News

PERILS based limits up 17% driven by Australia and Turkey

11th September 2017 - Author: Staff Writer

Catastrophe insurance data provider PERILS AG said its recorded limits at risk are up 17% from a year ago at $3.1 billion after the firm added Australia and Turkey to its covered territories.

Out of the total PERILS-based limits at risk, U.S. $3 billion cover Europe, U.S. $1.38 billion cover Australia and U.S. $ 0.23 billion cover Turkey.

Luzi Hitz, CEO of PERILS, said; “The main goal of the addition of Turkey and Australia to our market coverage was to facilitate industry-loss-based risk transactions also in these territories, both highly exposed to a range of natural catastrophes.

“It is extremely satisfying that already there are clear signs that we are achieving what we set out to achieve in these territories.”

PERILS said its total based limits issued since 1 January 2010 is at U.S. $ 14.5 billion – a figure representing over 200 individual transactions, including Insurance-linked Securities (ILS) and Industry Loss Warranties (ILW).

Eduard Held, Head of Products, commented that the provision of “high-quality insurance industry data facilitates additional capacity and increases the efficiency of the risk transfer markets.

“In Australia, to date PERILS data has facilitated a total of nine transactions, which represent both multi-peril and standalone deals.

“This clearly demonstrates that the data which we provide has met a clear market need and we hope that it will stimulate further activity in the risk transfer sector moving forward.”

In February 2017, PERILS entered a strategic alliance with Catastrophe Indices & Quantification (CatIQ) to expand its provision of industry loss data into Canada via the PERILS Industry Loss Index Service.

PERILS makes available detailed property market exposure and loss data to help the industry validate and improve the modelling of the natural catastrophe risk.

The firm said its loss data is also used as triggers in industry-loss-based risk transfer products with the PERILS exposure data being used for the risk assessment of such transactions.

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