Reinsurance News

PERILS extends coverage to New Zealand

1st November 2019 - Author: Matt Sheehan

Catastrophe loss data aggregator PERILS has announced that it plans to extend its market coverage to include New Zealand.

perils-logoGoing forward, PERILS will offer insured property exposure data related to earthquake, flood, and extratropical cyclones in New Zealand via its database.

Additionally, PERILS will provide event loss data for any events above a market loss of NZD 300 million, caused by these perils.

With this expansion, PERILS will now cover 17 territories, including Australia, Austria, Belgium, Canada, Denmark, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, New Zealand, Norway, Sweden, Switzerland, Turkey, and the UK.

“The inclusion of New Zealand is the next stage in the evolution of PERILS as it is the second country we have added to our database within the Asia-Pacific region,” said Luzi Hitz, CEO of PERILS.

“We are particularly grateful for the support we have received from the primary insurance industry in New Zealand,” Hitz continued.

“Without this support, we could not fulfill our mission to increase data availability and transparency in the field of natural catastrophe insurance, and as a result facilitate the sound management of natural catastrophe risk.

Hitz added that PERILS would continue to expand its services to more territories in the Asia-Pacific region in future.

Last week, Property Claim Services (PCS), a Verisk Analytics business, similarly announced that it would be expanding its catastrophe loss aggregation methodology used in Japan to cover Australia, New Zealand, and Southeast Asia.

PERILS plans to base its market exposure and event loss figures on data collected from primary insurers in New Zealand per postcode and Property Line of Business.

It believes this information will have a wide range of applications, including for industry loss-based risk transfer products such as Industry Loss Warranties and Insurance-Linked Securities, as well as catastrophe risk model validation.

Darryl Pidcock, Head of PERILS Asia-Pacific, commented: “We are particularly excited that PERILS can now provide industry exposure and loss data for New Zealand. This is an important Cat market from an international capital perspective, and we have experienced first-hand the positive support from the industry for the work that we are doing.”

He further stated: “We hope PERILS can contribute to the sustainability of international Cat capacity over time and improve the modelling and management of New Zealand catastrophe risk going forward, supporting the various resilience-related initiatives by the New Zealand insurance industry and Government.”

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