Zurich - 04 Nov 2024
PERILS has today disclosed its initial industry loss estimate for the floods in Central Europe which occurred during the period of 14 to 20 September 2024. PERILS has also announced that it will integrate its CRESTA CLIX industry loss reporting service into its current product offering as of 1 January 2025.
PERILS’ initial estimate of the insurance market loss is EUR 1,886 million. The loss numbers for Austria and Italy are based on the standard PERILS methodology (named “PERILS CORE”) which involves collecting loss data from affected insurers which is then grossed up to 100% market level. Loss estimates for affected territories not currently covered by PERILS are produced in accordance with the CRESTA CLIX methodology and are based on the expert evaluation of a wide range of insurance industry sources (named “PERILS EXTENDED”). As of 1 January 2025, the combined service offering will enable PERILS to provide loss estimates for large events anywhere in the world except for the US