Home / Corporate / Perils pioneers local motor exposure and loss data
23 March 2020
Swiss catastrophe data company Perils will now include personal and commercial motor in its Australian reports.
Head of Perils Asia Pacific Darryl Pidcock says this will be the first time motor exposure and loss data has been available in the Australian market.
The company, which is owned by several global reinsurers and reinsurance brokers, already reports on Australian property losses. It will now provide loss data for any events above $500 million for property and motor market losses combined.
“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,” Mr Pidcock said.
“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 the Sydney hailstorms in December 2018 and the Australian hailstorms in January 2020.”
Perils CEO Luzi Hitz says the move is “yet another enhancement to our offering to fulfil our mission to increase data availability and transparency in the field of natural catastrophe insurance, and to also enhance the availability of capacity into this important market”.