Leading insurers launch “Perils” catastrophe data provider
A new company has been formed to provide a subscription service on European catastrophe insurance data.
Perils AG is a Zurich-based business that will aggregate industry-wide data from European-based insurers and catalogue it by risk type and CRESTA zones (the defined European geographical zones for natural catastrophe insurance).
Founding shareholders include: Allianz, AXA, Groupama, Guy Carpenter, Munich Re, PartnerRe, Swiss Re and Zurich.
Data will be provided on an annual basis together with industry loss estimates per risk type and CRESTA zone, in the event of large natural catastrophe events.
Perils’ backers expect the service to have significant value to subscribers because it will improve their understanding of the potential frequency and severity of natural catastrophes.
In a statement the company argues that “Overall, the combination of consistent industry exposure portfolio data and corresponding event loss information is likely to enhance the modelling of natural catastrophe risk.
Greater transparency surrounding industry losses is likely to further facilitate the establishment of accurate and robust loss triggers for Catastrophe Bond structures, Industry Loss Warranties and other capital markets products.”
The business aims to be fully operational in the latter half of 2009 and will focus on Belgium, Denmark, France, Germany, Holland, Ireland, Luxembourg, Switzerland and the UK, with expansion to other European countries planned for 2010.
Initially, Perils will provide information on European wind risk (winter storms) but has plans to expand into other areas in the future.
Category: Allianz News, Axa Insurance News, Insurance News, Zurich News
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