PERILS AG publishes insured loss estimates for five major European windstorms

by Artemis on January 17, 2011

PERILS AG, the independent Zurich-based company providing industry-wide European catastrophe insurance data, has issued a press release publicising its insured industry loss estimates for five major European windstorms. Previously PERILS had published loss estimates for windstorms Klaus and Xynthia, now they add loss estimates for European windstorms Anatol, Lothar, Martin, Jeanett and Kyril.

By providing loss estimates based on their methodology, models and industry loss data PERILS are demonstrating the robustness of their service and providing a useful history of the scale of insured losses suffered due to European windstorms since 1999.

The PERILS service is increasingly seen as the data service to use for industry loss warranties and catastrophe bonds exposed to European windstorm risks. The press release from PERILS follows below.

PERILS Publishes Loss Estimates For Five Major European Storms Since 1999

Zurich, 18 January 2011 – PERILS AG, the independent Zurich-based company providing industry-wide European catastrophe insurance data, has today published its property insurance loss estimates for five major storm events in Europe since 1999.

The storms include Anatol (1999), Lothar (1999), Martin (1999), Jeanett (2002) and Kyrill (2007). PERILS has already produced loss estimates for windstorms Klaus (2009) and Xynthia (2010). The new industry loss estimates contribute to an extended event loss track record and confirm the robustness of the PERILS methodology.

The estimates represent the insured market-wide property losses as at the time of the event and include the fol- lowing nine countries: Belgium, Denmark, France, Germany, Ireland, Luxembourg, the Netherlands, Switzerland and the United Kingdom. Losses covered by government insurance schemes such as CatNat in France are excluded.

The original insured property losses based on the PERILS methodology are:

PERILS European Windstorm Insured Loss Estimates

PERILS European Windstorm Insured Loss Estimates - click for larger version

The event loss data is available to subscribers to the PERILS Industry Exposure and Loss Database by country, and in the case of storms Xynthia and Klaus by CRESTA zone and property line of business.

Edi Held, Head of Sales & Products at PERILS, adds: “Industry loss estimates for European windstorms have been rather vague in the past. Various sources have used different definitions in terms of captured territories, insurance lines and currency exchange rates. More often than not markets were not aware of these differences and this often led to ‘apple/orange’ comparisons. With the PERILS loss estimates, the definitions are crystal clear and consistent. Coupled with our independence, this makes the PERILS loss data the source of choice for triggers of industry-loss-based insurance risk transactions such as industry loss warranty contracts (ILW) or insurance linked securities (ILS).”

Peter Frei, Head of Data Management at PERILS, comments: “Our loss estimates for the five biggest storm events between 1999 and 2008 represent further evidence of our capabilities as an independent loss collector and market data provider. Together with storms Klaus and Xynthia, our extensive industry loss database provides an accurate benchmarking tool for European storm models and hence contributes to the better understanding of European windstorm risk.”

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Boslino January 21, 2011 at 9:02 am

I see that PERILS gave no explanation of why their loss estimates are so far away from Munich Re’s NATCAT figures and Swiss Re’s Sigma estimates.

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