Catastrophe loss aggregator PERILS has released its Industry Exposure Database (IED) 2022, reporting $85 trillion of sums insured exposed to natural perils.
The report shows that the largest exposure in the database is European windstorm, with €64.8 trillion of insured values as of 1 January 2022 which represents year-on-year growth of 5.2%.
Although, in USD terms, the sums insured represent a decline of 2% year-on-year due to an appreciating dollar, notes PERILS.
The company also observed similar growth patterns in all other covered markets where growth in national currencies is moderated in US dollars due to a stronger dollar.
The database contains up-to-date information about property market sums insured exposed to natural perils in Australia, Austria, Belgium, Denmark, France, Germany, Ireland, Indonesia, Italy, Luxembourg, the Netherlands, New Zealand, Norway, the Philippines, Sweden, Switzerland, Thailand, Turkey and the United Kingdom.
For Australia, the IED for the motor line of business has also been updated. The IED 2022 for Canada, compiled by the PERILS subsidiary CatIQ, will be released in May.
The PERILS IED 2022 has been produced from the ground-up and is based on up-to-date sums insured information received from more than two-thirds of the insurance market across all territories covered by PERILS.
The market sums insured are available by CRESTA zone, line of business and coverage type. The in-force date of the exposure data is 1 January 2022. Information about prevailing coverage conditions is also provided.
Darryl Pidcock, Head of PERILS Asia-Pacific, said: “Our exposure and loss data are based on identical sources and methodology.
“This consistency eliminates basis risk which is key when validating catastrophe models, analysing the vulnerability of insured assets, or assessing the expected loss costs of industry-loss-based risk transfer products.
“This better understanding of catastrophe risk was PERILS’ mission from day one and our annual IED update released today contributes to that mission.”
Dalida Bachmann, Head of Client Relationship at PERILS, added: “The release of the PERILS IED 2022 forms part of the ongoing evolution of the expanding range of products that we provide. We are currently working to include additional key perils and markets into our data coverage which will be announced later this year.”
Luzi Hitz, CEO of PERILS, concluded: “The PERILS IED is produced annually from scratch with the latest sums insured data from insurers in each country.
“This is a major undertaking, and this database represents the considerable efforts of our teams in Zurich, Sydney, and Toronto.
“However, the compilation of the IED would not be possible without the continued support of our data providing insurance companies to whom we are extremely grateful.”
