Zurich-based catastrophe insurance data provider PERILS has established the first detailed industry exposure database (IED) for Indonesia, the Philippines and Thailand.
PERILS will provide the market-wide property sums insured exposed to earthquake, tropical cyclone and flood for each of these territories.
The sums insured information for each market is broken down by CRESTA zone, property line of business and the coverage types of building, contents and business interruption.
In addition, insurance cover conditions such as the applicable deductibles and loss limits per peril are included in the database.
Darryl Pidcock, Head of PERILS Asia-Pacific, commented: “The Southeast Asian region continues to grow in terms of both natural catastrophe exposure and associated losses. PERILS is pleased to be able to provide an industry exposure database for these respective markets which also supports regional government and industry initiatives such as NatCat DAX and ADRIFI. We also plan to engage with the local primary insurers to offer an independent industry loss reporting service.
“This has the potential to enhance the availability of natural catastrophe risk capital through Insurance Linked Warranties or even Cat Bonds in Indonesia, the Philippines and Thailand as the availability and reliability of exposure and loss data increases.”
Luzi Hitz, CEO of PERILS, added: “The expansion of our territorial scope in the Asia Pacific region to five countries, including Australia and New Zealand, is an important step for PERILS. We are particularly grateful for the strong support from key industry stakeholders in the region which has enabled this. During the process we observed that views of industry-level exposures can vary considerably from one source to another.
“By our novel approach of evaluating and testing these different market views to come up with a “Consensus IED”, we are convinced that we contribute to a better and more realistic assessment of industry exposures in Indonesia, the Philippines and Thailand. This information is fundamental to understanding catastrophe risk in any market, and it is particularly valuable in these highly catastrophe-exposed Southeast Asian markets.”
