PERILS introduces UK flood exposure data | Insurance

Zurich-based catastrophe data aggregator broadens database; windstorm exposures rise

PERILS AG has announced the release of the 2012 update of the PERILS Europe Industry Exposure Database.

The database contains updated market-wide property sums insured for European windstorm for the following eleven countries: Belgium, Denmark, France, Germany, Ireland, Luxembourg, the Netherlands, Norway, Sweden, Switzerland and the United Kingdom.

For the first time the database also contains property sums insured exposed to UK flood.

?With the expansion of our database to include the peril of rain-induced flood for the UK, we will increase data availability and transparency for this key risk,? said PERILS head of products Eduard Held. ?Over time, our independent market data will lead to a better understanding of UK flood, a risk which has moved to the top of many insurers? agendas, especially since the 2007 summer floods.?

Compared to 2011, the total sums insured movement over all eleven windstorm markets combined is +3.4% (+2.5% at constant EUR exchange rates).

Changes in country-wide sums insured vary between -7% and +12%. This year-on-year development is mainly driven by movements in collected sums insured data and movements in market benchmarks.

The in-force date of the sums insured is 1 January 2012. As in the 2011 data set, granularity is on a CRESTA zone, property occupancy type (residential, commercial, industrial, agricultural) and coverage type (content, building, business interruption) level. Information about prevailing deductibles has also been updated.

In addition to exposure information, the PERILS database also contains loss data for windstorm and future UK flood events where the overall industry loss exceeds ?200m. The losses are available at the same level of granularity as the exposure information. Intensity measures, such as gust speed information, are provided on a CRESTA zone level.

The combination of up-to-date exposure data and market loss information based on identical sources and methodology allows users to validate European storm risk models and to perform exposure and loss market benchmarking.

For insurance risk transactions based on industry losses (ILW and ILS), the database facilitates the defining of custom-made triggers resulting in reduced basis risk for protection buyers.

exposure

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