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PERILS is used to place more than $1 billion of limits in 2010


PERILS AG, the independent Zurich-based company providing industry-wide European catastrophe insurance data, has announced that more than $1 billion worth of risk transactions have been placed using their industry loss index. A total of $1.05 billion of risk has now been placed, and with cat bonds still in the pipeline that could rise by year end.

It’s great to see the continuing market acceptance of PERILS and their industry loss index as a viable platform for basing risk transfer transactions on. We fully expect PERILS to outstrip this volume of issuance next year.

The press release from PERILS follows below.

Zurich, 15 December 2010 – PERILS AG, the independent Zurich-based company providing industrywide European catastrophe insurance data, has today announced that total placements of insurance risk transactions based on the PERILS industry loss index to date in 2010 have exceeded USD 1bn.

During the period 1 January to 15 December 2010, a total of USD 1.05bn of PERILS-based capacity was placed in the capital and reinsurance markets. USD 620m of this capacity was in the form of Insurance-Linked Securities (ILS), equating to approximately 60% of the overall figure, while USD 430m was in the form of private or derivative transactions such as Industry Loss Warranties (ILW).

Commenting on the achievements of the company in its first full year of trading, Luzi Hitz, CEO of PERILS, said: “2010 has been an extremely successful year for PERILS as is clearly demonstrated by the figure of USD 1.05bn which we have announced today. The PERILS industry loss index has been an integral part of a number of the largest European windstorm insurance risk transactions placed this year and our expectation for 2011 is that the index will play an increasingly prominent role in this sector.”

Perils placed risks

During the period 1 January to 15 December 2010, a total of USD 1.05bn PERILS-based capacity was placed

Edi Held, Head of Sales & Marketing at PERILS, added: “The transactions which base their index on PERILS loss estimates make use of the full range of data resolution that PERILS provides. Trigger types used include: un-weighted PERILS industry loss estimates for entire storm events, triggers based on weighted industry losses per country, and triggers based on weighted industry losses per CRESTA zone and property lines of business.”

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