PERILS Takes on Flooding
European catastrophe data aggregator PERILS AG will begin to collect loss data from UK inland flooding, expanding its mandate beyond windstorm for the first time as it attempts to grow its foothold on the continent.
PERILS said in a statement Thursday that it will collect loss data from inland flood events in the UK which result in market losses in excess of 200 million euros beginning in the New Year with plans to make the data available on April 1.
The flood data collected will focus on several specific areas, says Eduard Held, head of products for PERILS.
“The new peril of UK Flood, as announced this morning, includes inland flood events such as River Flood, Surface-Water Flood (Flash Flood), and ensuing perils such as mudflows, dam breaks, groundwater raise etc.,” Held said in response to an email questions, adding that coastal flood and storm surge are not included in in the new flood initiative since they are considered a “a consequence of windstorm events” and included in its already existing offering.
Flooding in the UK has been a particular large contributor to insured and economic losses. In 2007 flooding along the River Thames caused at least $7 billion in damage.
PERILS was formed in 20089 by and collects insured and event loss data from primary insurers across Europe to produce market exposure (total sums insured) and market loss portfolios, with the goal of giving reinsurance and insurance linked securities industry the data. Founding companies include Allianz SE, AXA, Assicurazioni Generali, Groupama, Guy Carpenter, Munich Re, Partner Re, Swiss Re, and Zurich Financial Services.
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