Global catastrophe insurance data provider PERILS, whose market coverage includes windstorm information in Europe, has expanded its offering to also span exposure and event loss details for European floods.
The additional service will see the PERILS database incorporate figures for industry-wide property sums insured exposed to flood in Austria, Belgium, Denmark, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Norway, Sweden, Switzerland, and the UK.
The expansion also means that the company’s industry loss reporting service for Europe will now feature loss reporting for both wind and flood events that generate industry losses of at least €500 million.
“The inclusion of European flood marks the achievement of another of our targets for 2022, following the addition of wind and flood for Japan in June,” noted PERILS chief executive Luzi Hitz. “We thank the European insurance industry for their strong support which has made this possible. Access to data on current and past exposures and losses is key to understanding natural catastrophe risk, yet in the past, reliable, consistent loss information has been largely unavailable.
“Since 2009, through the application of our systematic, ground-up data approach and with the continuous backing of the insurance market, PERILS has worked to address this critical data shortfall, and we are incredibly proud of the advances we have made during this period.”
Meanwhile, due to organic market growth and claims inflation, PERILS has raised the loss capturing thresholds for extratropical windstorm and flood in Europe from €200 million to €500 million for pan-European industry losses and to €300 million for country-specific industry losses.
“Our decision to adjust the capture threshold reflects the significant growth of insurance exposures in Europe over the last 13 years,” said PERILS client relationship head Dalida Bachmann.
“By setting the threshold at €500 million for pan-European events and €300 million for individual countries, we believe this achieves the correct balance between ensuring we continue to provide relevant event loss data while also ensuring the reporting requirements for our data-providing insurance companies are not overly burdensome.”
