PERILS-based limits at risk down 14%
PERILS-based limits at risk as at September 1, 2014, have fallen 14 percent from the September 2013 figure.
As the trading environment in the industry loss warranty market weakened, the figure fell to $3.7 billion from $4.3 billion.
Also, the cumulated amount of PERILS-based risk capital has reached $10 billion, comprised of more than 140 individual transactions.
Luzi Hitz, chief executive officer of PERILS, said: “Our industry exposure and loss data have become an integral part of the industry’s ability to understand and manage cat risk.
“Our data are now used for a wide range of activities, from catastrophe risk model validation and exposure benchmarking, to basis risk analysis and triggers in industry-loss-based risk transfer products, as well as for event definition. This is precisely what we set out to achieve when we launched PERILS five years ago.”
Eduard Held, head of products, added: “The success of PERILS owes much to the willingness of insurers to provide us with their insured exposure and loss data. Over 100 insurers currently contribute to our industry database in all 12 countries in which we operate. This enables us to provide high-quality industry data per CRESTA zone, spanning both property occupancy type and coverage type, and contributes to an ever greater insight into European Cat risk.”
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