PERILS works with Singapore to improve loss data
The quality of data in Asia-Pacific is gradually improving although this varies from market to market, and there is still some way to go, Darryl Pidcock, head of PERILS Asia-Pacific, told SIRC Today.
“In more developed markets there is still some way to go in terms of improving the quality and availability of data,” said Pidcock. “There are signs in some of these markets that the regulators and industry are collaborating in an effort not only to improve data quality but also to widen the availability of nat cat data to the industry.”
Regulators and the private sector have collaborated on a number of initiatives which are aimed at improving the quality and availability of natural catastrophe data.
PERILS is involved with the NatCatDAX initiative in which the Singaporean regulator, the Monetary Authority of Singapore (MAS), is working in close collaboration with the industry to improve availability of insurance and economic exposure and loss data. It is initially focusing on Taiwan, the Philippines, Indonesia and Thailand.
Pidcock said there are other examples of collaboration, for example in China where the regulator and industry are driving many changes not only in relation to data but also how technology can be used in this context.
“Asia is a very diverse region and we remain optimistic, given the number of initiatives that are currently under way, that data quality and availability will continue to improve,” Pidcock said.
Against a backdrop of population growth, and increasing exposure levels and losses, better quality data is crucial to closing the protection gap, he added.
“We have seen in the markets in which PERILS already operates worldwide that improvements in the quality and availability of data boosts the availability of capacity through traditional reinsurance, retrocession and the specialised ILS markets,” he said.
“We believe that if the industry has greater access to different forms of capacity, this can only help improve the availability of that capacity to help alleviate the burden on governments and improve insurance coverage for society.”
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