11 October 2016 Insurance

Alliance to boost PERILS in Asia

Joining the NatCatDAX Alliance, which has been set up to help increase data availability for natural catastrophe insurance in Asia, represents a unique opportunity for PERILS to establish its presence in the Asia region, Eduard Held, head of products at PERILS, told EAIC Today.

“We also recognised the calibre of the various other partners involved in the project which gave us full confidence in the successful implementation of NatCatDAX,” he added.

The NatCatDAX Alliance is led by the Institute of Catastrophe Risk Management (ICRM) at Nanyang Technological University Singapore and is a partnership between Aon Benfield, Mitsui Sumitomo Insurance Group, RenaissanceRe, Risk Management Solutions and PERILS, with support from the Monetary Authority of Singapore (MAS).

The NatCatDAX initiative seeks to provide both the public and the private sectors with access to robust, objective and independent data in order to help develop sustainable solutions designed to manage the growing risk of natural catastrophes in Asia.

The ICRM, with which PERILS shares the operational responsibility of building the databases, is widely recognised for its experienced academic research team.

The alliance also contains a number of insurance partners who are already leading practitioners within the Asian insurance industry.

“The MAS provided significant political support for the initiative and will be able to facilitate contact with regulators in other Asian jurisdictions,” said Held.

“I would also say that the timing was right for us. Over the last six years since PERILS launched we have been able to build up a strong track record in Europe and to prove that the increased availability of insurance data supports improved risk assessment and facilitates industry loss-based risk transfer of natural catastrophe risk.”

He said that PERILS’ aim in joining the NatCatDAX Alliance is identical to what it has been able to achieve in its current markets: namely, to show that the provision of new market data with sufficient granularity will improve the accuracy of the assessment of natural catastrophe risk and promote the development of new risk transfer solutions.

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