PERILS expands windstorm loss database
Over the last 12 months, PERILS, the independent Zurich-based company providing industry-wide catastrophe insurance data, has grown its industry database—and it has plans to grow it further over the coming year.
Speaking at the Monte Carlo Rendez-Vous, Edi Held, PERILS’ head of products, said PERILS has been able to add detailed loss information to its Industry Loss Database for four European windstorm events which occurred during the 2013/2014 windstorm season: Christian (October 2013), Xaver (December 2013), Dirk (December 2013) and Tini (February 2014).
These events provide valuable new data points for model testing and model calibration, among other benefits, and as a result contribute greatly to a better quantification of European windstorm risk.
“This information has added a lot of value to what we do,” he said. “One of our main aims is to help the industry reach a better understanding of natural catastrophe risk and so improve catastrophe risk assessment.
“The views of any given risk from different vendors can be very different—but we think with real data and the possibility to calibrate and validate the models, these big differences should be reduced over time.”
He added that PERILS is also looking at new territories where its product will be useful and where there might be demand. One priority is floods in central and Eastern Europe and the resulting information should become available later this year, or in early 2015.
PERILS’ reach will not stop there, Held added.
“Our clients have a long wish-list. We listen very carefully because we want to do what is relevant. It’s about having more real data, not modelled data, and they see the value of this so they motivate us to cover more territories and more perils.”
PERILS’ success is dependent on the loss data given by insurers. Reassured by the fact that the sources of this data will never be revealed by PERILS, many in the industry have responded quickly to PERILS’ requests for loss information.
“We need primary insurance companies to share data with us because they give us the base we need to build up our product,” said Held.
