PERILS adds European flood data to repertoire, rejigs coverage thresholds

Swiss-based nat cat researcher PERILS is heading into the European flood business with an offer to craft tallies and databases on event losses of €500 million and above across 13 European nations.

Austria, Belgium, Denmark, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Norway, Sweden, Switzerland, and the United Kingdom all fall under the PERILS eye.

In line with the PERILS methodology, the flood market exposures and event losses are based on data collected directly from participating insurers at the level of property lines and the industry’s uniform basis for nat cat hazards, CRESTA zones (Catastrophe Risk Evaluation and Standardising Target Accumulations).

PERILS is using the occasion to trim the granularity of its view to European windstorm. PERILS will hike its threshold for loss capturing from €200 million to €500 million, or €300 million for individual countries, citing the effect of 13 years of inflation on the loss threshold.

For natural catastrophe events in Australia, New Zealand, Canada and Japan, the loss capturing thresholds remain unchanged at AUD 500m, NZD 300m, CAD 300m and JPY 100bn, respectively

Commenting on the expansion, Luzi Hitz, CEO of PERILS, said: "The inclusion of European flood marks the achievement of another of our targets for 2022, following the addition of wind and flood for Japan in June. … Access to data on current and past exposures and losses is key to understanding natural catastrophe risk, yet in the past, reliable, consistent loss information has been largely unavailable."

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