Catastrophe data aggregator and industry-loss reporting service provider PERILS AG is to expand its coverage for severe convective storm (SCS) events and begin reporting insurance industry losses for SCS events in Europe, Japan and New Zealand.
That adds to SCS industry loss reports already available for Australia and Canada.
For Europe, the SCS industry loss reporting coverage includes Austria, Belgium, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Switzerland, and United Kingdom.
The new industry loss reporting for SCS events will capture events that cause insurance market losses of more than EUR 500m, JPY 100bn and NZD 300m, respectively, as of 1 August 2025 using reported data from the property and motor lines of business.
These new service additions will utilise the PERILS CORE methodology, which means that insurance market exposures and event losses are based on data reported to PERILS by participating insurers at CRESTA zone and lines of business level.
These industry loss reports can be used for the construction of industry loss indices for triggers of risk transfer arrangements, such as industry loss warranties (ILWs) and catastrophe bonds, as well as for catastrophe model verification.
Christoph Oehy, CEO of PERILS, commented on the news, “The inclusion of the peril of severe convective storm in the PERILS CORE product is a response to widespread market demand and marks the achievement of an important goal for 2025. We thank our data-providing insurance partners for the strong support which has made this possible.
He continued: “SCS is an important and growing peril for the insurance industry globally. Access to data on exposures and losses is key for understanding the SCS risk, as it is for all other natural perils. Yet in the past, reliable and systematic industry data was largely unavailable. Since 2009, through the consistent application of our from-ground-up PERILS CORE approach and with the continuous support of the insurance industry, PERILS has worked to address this data shortfall. This will not only help to improve Cat models and risk assessment in general but also facilitate new risk capital through the use of PERILS as a reporting agency for SCS-focused industry-loss-based risk transfer products.”
