PERILS, the leading provider of catastrophe insurance data, has unveiled its much-anticipated Industry Exposure Database (IED) 2024, shedding light on the extent of property market exposure to natural perils across key catastrophe-prone regions.
Based in Zürich, PERILS disclosed that the latest iteration of the PERILS IED encompasses a comprehensive overview of property assets, revealing a staggering total of US$111 trillion in sums insured against natural catastrophes.
The influence of inflationary trends on exposures remains palpable within the database. Specifically, the sums insured for European windstorm surged by 10.1% year-on-year at constant euro exchange rates (or 10.8% at variable rates), mirroring the upward trajectory observed in 2023.
Across all markets, exposure growth stood at 11.7% year-on-year in US dollar terms, underscoring the broadening scope of potential risks.
In examining specific regions, PERILS highlighted the resilience of wind-related exposures in Japan, where the sums insured remained relatively stable in Japanese yen, experiencing only modest single-digit growth. However, when measured in US dollars, there was a noticeable decline of 5.1% year-on-year, attributed to the strengthening dollar.
The database provides a granular breakdown of market sums insured by CRESTA zone, property line of business, and coverage type, offering valuable insights into loss limits and deductibles.
Geographically, the PERILS IED encompasses a wide array of countries, including Australia, Austria, Belgium, Denmark, France, Germany, Ireland, Indonesia, Italy, Luxembourg, the Netherlands, New Zealand, Norway, the Philippines, Sweden, Switzerland, Thailand, Turkey, and the UK. Notably, data from Canada will be disseminated separately by PERILS subsidiary CatIQ in the forthcoming month.
Moreover, the database reflects real growth and reevaluation of exposures post-loss events, coupled with a discernible uptick in insurance penetration within regions affected by significant loss events. This comprehensive dataset stands as a vital resource for stakeholders across the insurance landscape, facilitating informed decision-making and risk management strategies in an increasingly unpredictable environment.
