PERILS extends coverage to Australia
PERILS, the Zurich-based organisation that provides catastrophe insurance data, has extended its market coverage to include Australia.
Market-wide property sums insured exposed to the perils of bushfire, earthquakes, flood, hail, and tropical and extratropical cyclones in Australia will be available via its database.
The company will also provide event loss data for any events above a market loss of A$500 million ($377 million) caused by the perils.
The addition of Australia brings the number of territories currently covered to 15.
Luzi Hitz, chief executive officer (CEO) of PERILS, said: "The inclusion of Australia is a major new development in the evolution of PERILS, because it represents the first addition of a country within the Asia-Pacific region in our market coverage. We are particularly grateful for the support we have received from the primary insurance industry in Australia.
“Without this support, we could not fulfil our mission to increase transparency in the field of natural catastrophe insurance, and as a result facilitate a more liquid and stable cat market. Going forward, our target is to add more territories in Asia-Pacific."
Eduard Held, head of products at PERILS, added: "We are proud that PERILS can now also provide industry exposure and loss data for Australia. This will have a positive effect on the modelling and management of Australian catastrophe risk by both improving our understanding of it and by further enhancing its tradability.
