Losses from 2012 Emilia-Romagna quakes a record €1.24bn
PERILS has extended its market coverage to include Italy, providing data for both earthquake and flood perils.
PERILS will make available market-wide property sums insured exposed to earthquakes and floods in Italy. In addition to the sums insured information, PERILS will provide event loss data from earthquake and flood events in Italy.
“The inclusion of Italy marks another milestone in the expansion of the services provided by PERILS,” said PERILS head of products Eduard Held. “Italy adds a new and important insurance market to our database, one which has significant exposures to natural catastrophes.”
PERILS chief executive Luzi Hitz added: “We are hopeful that, similar to European windstorm and UK flood, our Italian industry data will facilitate new developments in catastrophe risk assessment and catastrophe risk transfer, and ultimately contribute to the better management of natural catastrophe risks in Italy.”
PERILS will collect property sums insured and event loss data from primary insurers in Italy on a CRESTA Zone (2-digit postal code) and property line of business basis. Based on the collected data, PERILS will produce independent and objective estimates of market exposures (total sums insured) and market losses.
This information can be used for a range of applications, including natural catastrophe risk assessments, the development of new insurance products and industry-loss-based risk transfer instruments.
In addition, PERILS has collected event loss data for the earthquakes that took place in Emilia-Romagna on 20 and 29 May 2012. The resulting market-wide insured property losses are €802m (20 May 2012) and €436m (29 May 2012), or a total for both events combined of €1.24bn, making it the biggest ever insured loss for the Italian market.