USD 250M of PERILS-based transactions in 1H 2010
PERILS AG, the independent Zurich-based company providing industry-wide European catastrophe insurance data, has today announced that in the first six months of 2010 the total placements of insurance risk transactions based on PERILS industry loss index exceeded USD 250m.
PERILS wins Trading Risk Award 2010
PERILS is delighted to announce that it has been awarded the “Derivative Initiative of the Year” award at the Trading Risk Award 2010.
The award recognises outstanding contribution to improving transparency and liquidity in the trading of insurance-linked derivatives. For PERILS it provides further confirmation of the key role PERILS plays in satisfying a long-lasting industry demand for high-quality aggregated exposures and catastrophe claims information.
On 1 July, PERILS is hosting a breakfast briefing in the City of London to provide an update on developments at the company
Approximately 50 representatives from the ILS market, re/insurers, intermediaries and service providers will attend the event. Following an energy breakfast, they will be provided with a detailed presentation on the PERILS methodology, an overview of recent developments and a live demonstration of the many PERILS applications.
PERILS discloses second loss estimate for Storm Xynthia of EUR 1.27bn
PERILS AG has today disclosed its second loss estimate for Windstorm Xynthia, which occurred at the end of February 2010.
The revised estimate of the property insurance market loss for Xynthia is EUR 1.27 billion. This compares to the first loss estimate of EUR 1.28bn which was issued by PERILS on 12 April 2010. The small reduction is the net effect of upwards and downwards movements within individual countries.
Windstorm Xynthia mainly affected France, Germany, Belgium, the Netherlands, Luxembourg and Switzerland. The loss estimate represents the market-wide insured property loss and is based on ultimate gross loss estimates as reported by insurance companies writing property business in the affected territories. The estimate excludes losses indemnified by the French CatNat government scheme.
In line with the PERILS loss reporting schedule, the third loss estimate will be published on 28 August 2010.
For subscribers to the PERILS database, the third loss estimate, plus any further loss estimates, will be provided in full resolution, i.e by CRESTA zone and the Property sub-lines Residential, Commercial, Industrial, Agricultural.
PERILS puts initial loss estimate for windstorm Xynthia at EUR 1.28bn
PERILS has disclosed today its initial loss estimate for Xynthia of EUR 1.28bn.
Xynthia occurred end of February and affected mainly France, Belgium and Germany. The second loss estimate will be published on 28 May 2010.
PERILS launches Industry Exposure & Loss Database
PERILS has announced today the launch of its Exposure & Loss Database.
Subscribers can login on www.perils.org and get access to the data. The database contains industry (i.e. Market) property sum insured for nine European countries (Belgium, Denmark, France, Germany, Ireland, Luxembourg, Netherlands, Switzerland and the United Kingdom), on a CRESTA zone level, per occupancy (residential, commercial, industrial and agricultural) and cover type (content, building and business interruption). Industry event loss information (e.g. windstorm Klaus, windstorm Xynthia) is shown for all windstorm events with a market loss greater than EUR 200mn. Loss data is given on a CRESTA zone level and per occupancy type according to the PERILS event loss reporting schedule.
First cat bond to use PERILS index for European windstorm losses
Successor X, sponsored by Swiss Re, successfully closed on 26 March 2010. Successor X issued USD 120m of notes exposed over three years among others to Windstorm Europe risk.
The transaction is the first catastrophe bond which relies on PERILS industry loss estimates for European windstorm.
Windstorm Xynthia captured by PERILS
Windstorm Xynthia which crossed Western Europe at the end of February is a qualifying event for PERILS.
The data collection process has been initiated and PERILS will release its first loss estimate on 12 April 2010.
PERILS index used for ILW transactions
PERILS AG, the independent Zurich-based company established to aggregate and provide industry-wide European catastrophe insurance data, has announced the placement of the first two insurance risk transactions based on a PERILS industry loss index.
PERILS launches Industry Loss Index Service
PERILS, the independent Zurich-based company established to aggregate and provide industry-wide European catastrophe insurance data, has announced the launch of its Industry Loss Index Service for European windstorm events.
PERILS loss estimate for Windstorm Klaus
PERILS AG, the independent Zurich-based company established to aggregate and provide industry-wide European catastrophe insurance data, discloses loss estimate for Windstorm Klaus of 1.55 billion Euros.
PERILS CEO appointed
PERILS AG, the independent Zurich-based company established to aggregate and provide industry-wide European catastrophe insurance data, has announced the appointment of Dr. Luzi Hitz as Chief Executive Officer.
PERILS AG founded
PERILS AG, an independent Zurich-based company, has been established to aggregate and provide industry-wide European catastrophe insurance data as a subscription service.