Perils extends to Norway and Sweden

Perils collects sums insured and post-event loss data from primary insurers across Europe for windstorm risk. The collected data enables Perils to produce independent and objective estimates of market exposure (total sums insured) and market loss portfolios. This information can be used for a range of applications, including for industry loss-based risk transfer products such as Industry Loss Warranties and Insurance-Linked Securities.

Luzi Hitz, chief executive of Perils, said: "The inclusion of Norway and Sweden marks another milestone in the Perils history. We are particularly thankful to the primary insurance industry in these two markets for their broad support. Without this support, Perils could not fulfill its mission to increase transparency in the European natural catastrophe risk landscape, and as a result facilitate a more liquid and stable Cat market."

Eduard Held, head of products at Perils, said: "Perils can now provide the industry exposure and loss data for Norway and Sweden at a Cresta and Property line of business resolution. This allows the full range of possible data applications, including the ability to define bespoke loss triggers used in insurance-linked risk transfer products which reduces basis risk for the protection buyer."

Peter Frei, head of data management at Perils, said: "We are very pleased with our data providers' commitment to Perils and the constructive relationship we have with them. This is essential if we are to construct a high quality market database, which in turn can serve as a reliable and objective benchmarking tool for portfolio steering and risk assessment."

The two Nordic markets are in addition to the nine territories already covered by Perils: Belgium, Denmark, France, Germany, Ireland, Luxembourg, the Netherlands, Switzerland and the UK.