PERILS enables broader use of insurance industry market loss indices

PERILS AG*, an independent European insurance industry initiative, was established in January 2009 to provide data on insured property exposures, as well as on insured losses after a catastrophic event. The aggregated data sets are anonymous, but derived from information voluntarily provided by Europe-based insurers, and made available to subscribers of the PERILS services.

This service provided by PERILS is unique in Europe. The second issuance under Swiss Re’s Successor X is the first cat bond to benefit from the transfer of windstorm risks in Europe based on this industry loss index. Martin Bisping, Head of Non-life Risk Transformation at Swiss Re explained that the cooperation between the key stake-holders has been excellent, and the process smooth. It has involved considerable analytical work by the independent modelling agent, and an ongoing interaction with the rating agency and the investor panel, leaving all parties convinced that PERILS offers a reliable and dependable and transparent service.

Martin Bisping concluded: "For Swiss Re, one of the clear benefits is that PERILS service provides us with industry loss estimates by line of business and by country. This has allowed the introduction of specific weighting factors for each of the nine countries covered, in order to match Swiss Re’s exposures in an optimal way. In addition using a weighted PERILS index is a very efficient means to further reducing our basis risk. More broadly, PERILS closes a gap with regard to risk trading in Europe, and we believe it will serve as a step change for European risk transfer, providing additional trigger diversification to investors."



Distribution of insured values exposed to windstorm risk in Europe: the darker the colour, the higher the values. Source: CRESTA

* PERILS AG is an insurance industry initiative. The company which acts independently includes the following founding shareholders: Allianz SE, AXA, Assicurazioni Generali, Groupama, Guy Carpenter, Munich Re, Partner Re, Swiss Re, and Zurich Financial Services. Each founding shareholder holds equal equity.

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