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PERILS, a Swiss company that provides industry-wide catastrophe insurance data, has announced that it has expanded its market coverage to include New Zealand.
The firm’s database, which collects data from primary insurers in New Zealand per postcode and property line of business, provides market-wide property sums insured exposed to the perils of earthquake, flood, and extratropical cyclones in New Zealand and event loss data for any events above a market loss of NZ$300 million caused by these respective perils.
“The inclusion of New Zealand is the next stage in the evolution of PERILS as it is the second country we have added to our database within the Asia-Pacific region. We are particularly grateful for the support we have received from the primary insurance industry in New Zealand,” said Luzi Hitz, chief executive officer of PERILS.
“Without this support, we could not fulfil our mission to increase data availability and transparency in the field of natural catastrophe insurance, and as a result facilitate the sound management of natural catastrophe risk. Going forward, our target is to continue to add more territories in the Asia-Pacific region.”
According to PERILS, the information taken from the database could be used for a range of applications – including industry loss-based risk transfer products.
“We are particularly excited that PERILS can now provide industry exposure and loss data for New Zealand. This is an important cat market from an international capital perspective, and we have experienced first-hand the positive support from the industry for the work that we are doing,” said Darryl Pidcock, head of PERILS Asia-Pacific.
“We hope PERILS can contribute to the sustainability of international cat capacity over time and improve the modelling and management of New Zealand catastrophe risk going forward, supporting the various resilience-related initiatives by the New Zealand insurance industry and Government.”
