Zurich-based PERILS, which provides industry-wide catastrophe insurance data, will extend its line-of-business reporting to include Australian motor for personal and commercial lines.
PERILS said it will provide event loss data for any events above a market loss of $500 million caused by earthquake, flood, tropical cyclones, extratropical cyclones, hailstorms, and bushfires in Australia for property and motor market losses combined. These are the same perils currently covered for the property line of business. Australian motor will be part of PERILS’ industry exposure update starting with this April release via its database.
PERILS said it will collect motor sums insured and motor event loss data from primary insurers in Australia per postcode, in addition to property sums insured.
PERILS CEO Luzi Hitz said providing motor exposure and loss reporting in Australia further enhances its offering to fulfil its “mission to increase data availability and transparency in the field of natural catastrophe insurance and to also enhance the availability of capacity into this important market.”
“PERILS has been covering the Australian market for nearly three years during which time we have been increasingly asked by the industry to provide motor exposure and loss data,” said Darryl Pidcock, Head of PERILS Asia-Pacific. “This enhancement will be the first time that motor exposure and loss data is available in the Australian market. Motor is a major line of business in the Australian market and is a significant contributor to losses, as we observed in more recent events such as Sydney hailstorms in December 2018 and the Australian hailstorms in January 2020.”
