Swiss catastrophe insurance data provider PERILS has expanded its market coverage to include New Zealand.
With the addition, PERILS now covers 17 territories, which includes European and Asia-Pacific nations including the UK, Germany and Australia among others.
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PERILS CEO Luzi Hitz said: “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.
“Without this support, we could not fulfill 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.”
Following the expansion, the Swiss firm will provide property sums insured and under natural catastrophe threats through its database.
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By GlobalDataIt will also provide event loss data for any such disasters causing a market loss of above NZ$300m.
PERILS will procure property sums insured and event loss data from primary insurers in New Zealand per postcode.
Subsequently, it will devise an independent data set of market exposures, based on this procured information.
Such data set can be used for several applications, such as industry loss-based risk transfer products and catastrophe risk model validation.
PERILS Asia-Pacific head Darryl Pidcock said: “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.
“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.”
