PERILS Launches Euro Windstorm Product
PERILS AG announced today it has launched an Industry Loss Index Service for European windstorm events.
Company CEO Dr. Luzi Hitz said in a press statement that the PERILS industry loss indices are reported on a fixed schedule and guaranteed on a contractual basis. He added that trigger definitions can be customized by allocating different weights to territories and property occupancy types.
“Our index service addresses a longstanding issue in Europe by providing a reliable European event loss index prepared by an independent authoritative source,” Hitz said. “We are confident that this will ultimately lead to a more liquid European windstorm market and hence will be to the benefit of every stakeholder.”
According to PERILS, the underlying data for its indices are collected directly from insurers underwriting property insurance in the affected areas and are processed using a standardized methods to estimate industry-wide insured losses.
Indexes are made available after six weeks of the event, with updates after three, six and twelve months, according to the statement.
A consortium of reinsurers, carriers and brokers formed Zurich-based PERILS earlier this year in order aggregate European insurance data and sell the results through a subscription service.
Some firms involved in PERILS are Allainz, AXA Groupama, Guy Carpenter, Munich Re, PartnerRE, Swiss Re and Zurich.
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