PERILS, the independent Zurich-based company providing industry-wide catastrophe insurance data, has announced that it will extend its line of business reporting to include Australian motor for personal and commercial lines.
PERILS will include Australian motor as part of its Industry Exposure Update to be released in April 2020.
The company will make available market-wide motor sums insured exposed to earthquake, flood, tropical cyclones, extratropical cyclones, hailstorms and bushfires in Australia via its database. These are the same perils currently covered for the property line of business.
PERILS will provide event loss data for any events above a market loss of A$500m ($300m) caused by these respective perils, for property and motor market losses combined.
The company will continue to collect property sums insured, but in addition will include motor sums insured and motor event loss data from primary insurers in Australia per postcode.
Based on the collected data, PERILS produces an independent and objective data set of market exposures (total sums insured) and market event losses. This information can be used for a range of applications, including for industry lossbased risk transfer products such as Industry Loss Warranties and Insurance-Linked Securities and for catastrophe risk model validation.
Mr Darryl Pidcock, head of PERILS Asia Pacific, said, “PERILS has been covering the Australian market for nearly three years during which time we have been increasingly asked by the industry to provide motor exposure and loss data. This enhancement will be the first time that motor exposure and loss data is available in the Australian market. Motor is a major line of business in the Australian market and is a significant contributor to losses, as we observed in more recent events such as Sydney hailstorms in December 2018 and the Australian hailstorms in January 2020.”