Exposures, as measured by insured property values included in the PERILS AG Industry Exposure Database, rose across European windstorm risks and the other territories the service provider covers in the latest version of its database.
European windstorm risks remain the largest exposure in the PERILS database, with some 190 million individual risks representing EUR 55 trillion of insured property values.
The insured exposure to European windstorm is up 2.1% on a year ago, while at the same time other risks covered in the PERILS database, in Australia, Italy and Turkey, saw year-on-year variations in sums exposed, ranging from +7.4% to +17.0%.
Luzi Hitz, CEO of PERILS, commented, “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.”
Eduard Held, Head of Products at PERILS, also said, “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.”
PERILS explained that the year-on-year movements in insured sums exposed across all territories has mostly been driven by movements in collected sums insured data and movements in market benchmarks.
The latest exposure data for 2018 has been produced using exposure information received from over 100 national and international insurance firms, which PERILS says represents over 65% of the property market in each territory.
Included in the database are the latest property sums insured and number of risks exposed to natural perils for Australia, Europe (Austria, Belgium, Denmark, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Norway, Sweden, Switzerland and the United Kingdom) and Turkey, with information about prevailing deductibles and limits also updated.