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PERILS’ updated IEDs show European windstorm as the biggest exposure

13th April 2018 - Author: Luke Gallin

Catastrophe data loss aggregation and estimation firm, PERILS AG, has released the 2018 update of the PERILS Industry Exposure Database (IED), which shows that the biggest exposure in the industry database is European windstorm.

PERILS logoPERILS explains that the updated country IEDs for 2018 have once again been produced from scratch, and are based on exposure information from over 100 national and international insurance firms, representing more than 65% of the property marketplace in regions covered.

The database now includes updated property sums insured and also the number of risks exposed to natural perils in Australia, Europe (Austria, Belgium, Denmark, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Norway, Sweden, Switzerland and the United Kingdom), and Turkey.

The Zurich-based catastrophe data loss aggregator also states that the in-force date of the exposure data is January 1st, 2018, and that information around prevailing deductibles and limits has also been updated.

According to PERILS, the updated database shows that the biggest exposure is European windstorm, with 190 million individual risks that amount to €55 trillion (US $68 trillion) of insured property values.

When compared to January 1st, 2017 the overall European windstorm sums insured grew in EUR by 2.1%, with the USD increase being 16.5% (+3.8% at constant FX rates), explains PERILS. 

Furthermore, year-on-year variations in Australia, Italy, and Turkey ranged from +7.4% to +17%, and the year-on-year developments in all regions were mainly as a result of changes in collected sums insured data, as well as movements in market benchmarks, says PERILS.

Commenting on the updates, PERILS Chief Executive Officer (CEO), Luzi Hitz, said: “Our bottom-up approach ensures that the most current portfolio information is incorporated into the IED, and that changes and corrections in company sums insured are taken into account on an annual basis. The ever-expanding coverage and increasing quality of the data provided is helping create a more accurate picture of the industry exposures. This is only possible due to the continued efforts and commitment of our data- providing companies and we once again extend our gratitude to them.”

Head of Products, PERILS, Eduard Held, added: “As we continue to update the exposure data sets, combined with loss and hazard intensity data from a current total of 30 events, we are helping the insurance industry gain a better understanding of the underlying risks exposed to natural catastrophes.

“Our data supports a broad range of activities, including market share analysis, natural catastrophe model validation, and the structuring and risk assessment of risk transfer products such as Cat bonds and industry loss warranty transactions.”

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