PERILS has released a detailed industry exposure database (IED) for Indonesia, the Philippines and Thailand in its first foray into the Southeast Asian region.
According to the international catastrophe insurance data firm, its IED is the first one of its kind for the three countries. The database contains market-wide property sums insured exposed to earthquake, tropical cyclone (typhoon) and flood for each territory. The sums insured information is broken down by CRESTA zone, property line of business and coverage type (building, contents and business interruption).
For the three emerging markets, PERILS applied a different approach in sourcing data. Following industry consultations, PERILS acknowledged that obtaining data solely from primary insurers would take too long.
Thus, PERILS also worked with other key stakeholders, such as reinsurers, brokers and modellers, to get the data needed to create the IED.
“The expansion of our territorial scope in the Asia-Pacific region to five countries, including Australia and New Zealand, is an important step for PERILS,” said PERILS chief executive Luzi Hitz. “We are particularly grateful for the strong support from key industry stakeholders in the region which has enabled this.
“During the process, we observed that views of industry-level exposures can vary considerably from one source to another. By our novel approach of evaluating and testing these different market views to come up with a ‘Consensus IED’, we are convinced that we contribute to a better and more realistic assessment of industry exposures in Indonesia, the Philippines and Thailand. This information is fundamental to understanding catastrophe risk in any market, and it is particularly valuable in these highly catastrophe-exposed Southeast Asian markets.”
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