Munich Re co-founding shareholder of PERILS AG
Together with seven European-based insurers, Munich Re jointly established PERILS, an independent Zurich-based company that aims to aggregate and supply European catastrophe insurance data to subscribers in the insurance industry.
PERILS will provide two main products:
- Aggregated industry-wide insurance exposure data (insured values) which will be catalogued by risk type and CRESTA zones. The data will be provided on an annual basis.
- Industry loss estimates per risk type and CRESTA zones, following large natural catastrophe events.
The aggregated data sets will be derived from data voluntarily provided by European-based insurers. The provided data will be kept strictly confidential. Subscribers are likely to include insurers, reinsurers, brokers, risk modellers, banks and other insurance industry stakeholders.
The data services will aid in the risk management and underwriting of natural catastrophe risk. Overall, the combination of consistent industry exposure portfolio data and corresponding event loss information is likely to enhance the modelling of natural catastrophe risk. Additionally, the industry loss estimates are likely to further facilitate the establishment of loss triggers for catastrophe bond structures, industry loss warranties (ILWs) and other capital markets products.
This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.