¾ÅÉ«

PERILS AG, the independent Zurich-based company that provides industry-wide catastrophe insurance data, announced the inclusion of severe convective storm (SCS) industry loss reporting for Europe (Austria, Belgium, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Switzerland, United Kingdom), Japan and New Zealand. The new service is in addition to PERILS’ SCS coverage in Australia and Canada.

The new service will capture SCS industry losses above €500 million, 100 billion Japanese yen and $300 million New Zealand dollars, respectively, as of Aug. 1, 2025. It will cover the property and motor lines of business.

In line with the PERILS CORE methodology, the SCS market exposures and event losses are based on data collected directly from participating insurers at CRESTA zone and lines of business level. The resulting industry data can be used for a range of applications, including risk assessment and structuring of triggers for industry-loss-based risk transfer products, as well as catastrophe risk model validation.

“The inclusion of the peril of severe convective storm in the PERILS CORE product is a response to widespread market demand and marks the achievement of an important goal for 2025,” commented Christoph Oehy, CEO of PERILS, in a statement.

“SCS is an important and growing peril for the insurance industry globally. Access to data on exposures and losses is key for understanding the SCS risk, as it is for all other natural perils. Yet in the past, reliable and systematic industry data was largely unavailable,” he added.

“Since 2009, through the consistent application of our from-ground-up PERILS CORE approach and with the continuous support of the insurance industry, PERILS has worked to address this data shortfall. This will not only help to improve cat models and risk assessment in general but also facilitate new risk capital through the use of PERILS as a reporting agency for SCS-focused industry-loss-based risk transfer products.”

Source: PERILS

Photograph: Cars piled up in the street following floods in the Sedaví area of Valencia on Oct. 30, 2024; photo credit: David Ramos/Getty Images Europe

Topics Profit Loss Windstorm Europe