PERILS Insurance Review: A Comprehensive Analysis
This in-depth review examines PERILS AG, a significant player in the insurance industry specializing in providing high-quality data and services related to natural catastrophes. We'll explore the company's history, its core offerings, pricing structure, customer support, and overall value proposition.
Overview: A Look into PERILS AG
Year of Establishment and Background Story
PERILS AG, a joint-stock company, was established in January 2009 in Zurich, Switzerland. Its inception stemmed from discussions within the Chief Risk Officer Forum, highlighting a need for improved data and transparency in the natural catastrophe insurance market. This initiative aimed to create a more robust and reliable foundation for risk assessment and transfer mechanisms within the insurance industry.
Key Milestones in the Company’s History and Growth
A key milestone in PERILS' growth trajectory was the acquisition of Catastrophe Indices & Quantification Inc. (CatIQ) in June 2019. CatIQ, a Canadian firm specializing in loss and exposure aggregation, significantly enhanced PERILS' data capabilities and geographic reach, solidifying its position as a leading provider of natural catastrophe risk data.
Regulatory Compliance and Licenses
PERILS operates in strict adherence to relevant data protection legislation, prioritizing the security and confidentiality of all personal data entrusted to them. While the provided sources don't explicitly list specific licenses or certifications held by PERILS, their commitment to data protection regulations underscores their dedication to responsible data handling and industry best practices.
Insurance Products and Services: Data-Driven Risk Management Solutions
Main Insurance Products
PERILS doesn't offer traditional insurance policies in the sense of providing direct coverage for losses. Instead, their core business revolves around providing crucial data and analytical services to the insurance industry. Their primary offerings include:
- Industry Exposure & Loss Database: This comprehensive database contains high-quality, meticulously curated insurance market data on natural catastrophes. It encompasses exposure data, event loss data, and damage degree benchmarking, providing a holistic view of risk across various regions and perils.
- Industry Loss Index Service: This service allows insurance companies and other stakeholders to leverage PERILS' industry loss estimates as triggers for various financial instruments, including Insurance-Linked Securities (ILS), Industry Loss Warranty contracts (ILW), and other insurance risk derivatives. This facilitates efficient risk transfer and hedging strategies.
Additional Services
Beyond their core products, PERILS offers a suite of additional services designed to further enhance risk management capabilities:
- Cyber Industry Loss Reporting Service: Provides valuable insights into losses experienced in the US primary cyber insurance market due to cyber incidents. This service addresses the growing importance of cyber risk within the insurance landscape.
- Wind-Jeannie: This innovative tool helps insurance companies proactively prepare for large windstorm events. By providing advance information on the expected magnitude and geographic extent of potential losses, Wind-Jeannie enables more effective pre-event planning and resource allocation.
- Satellite Flood Footprint: Utilizing satellite imagery, this service delivers detailed information on the geographical extent of large flood events, enabling a more accurate assessment of flood-related losses and facilitating faster claims processing.
Premiums and Pricing: Accessing Valuable Data
Pricing Structure
While the exact pricing details for each of PERILS' services aren't publicly available, access to the PERILS Industry Exposure & Loss Database is offered on an annual subscription basis. The pricing likely varies depending on the specific data package and the level of access required by the subscriber. Interested parties should contact PERILS directly for detailed pricing information.
Discounts and Special Offers
Currently, there is no publicly available information regarding discounts or special offers provided by PERILS. Potential clients are advised to inquire directly with the company for any current promotional opportunities.
Customer Service and Support: Dedicated Support for Data Users
Contact Methods
For inquiries related to data protection, interested parties can contact PERILS via email at [email protected]. Further contact information for general inquiries or sales may be found on their official website.
Availability of 24/7 Support and Multilingual Assistance
The provided sources do not specify the availability of 24/7 support or multilingual assistance. While comprehensive customer support is vital, it is recommended to check PERILS' official website or contact them directly to ascertain the extent of their support offerings.
Pros and Cons of PERILS Services: Weighing the Benefits and Limitations
Pros
The advantages of utilizing PERILS' services are substantial for insurance professionals and related stakeholders:
- Comprehensive Coverage and Data Quality: PERILS provides high-quality, standardized data that significantly enhances the understanding of insured natural catastrophes, improving risk assessment and modeling.
- Industry Benchmark Data: The data offered by PERILS provides crucial industry benchmark data, accessible to all interested parties on a subscription basis, enabling better comparison and informed decision-making.
- Advanced Analytical Tools: Services like Wind-Jeannie and the Satellite Flood Footprint provide cutting-edge analytical tools to help anticipate and assess the impact of catastrophic events.
Cons
While PERILS offers significant value, potential drawbacks should be considered:
- Limited Geographic Coverage: While PERILS covers several regions, including Australia, Canada, Europe, New Zealand, and Turkey, its coverage isn't truly global. This limitation may restrict its usefulness for organizations with interests in less-covered areas.
- Subscription-Based Model: The subscription-based access model might be a barrier for some users, particularly smaller firms or those with limited budgets.
- Lack of Public Pricing: The lack of transparent public pricing could make it difficult for potential clients to accurately assess the cost-effectiveness of PERILS' services before engaging with the company.
Conclusion: A Valuable Resource for the Insurance Industry
Summary of the Main Points Covered in the Review
This review has covered key aspects of PERILS AG, including its establishment in 2009, its acquisition of CatIQ, its core offerings (Industry Exposure & Loss Database and Industry Loss Index Service), and its additional services such as the Cyber Industry Loss Reporting Service, Wind-Jeannie, and Satellite Flood Footprint. We also discussed its customer service channels and the pros and cons of utilizing their services.
Recommendations on Who Would Benefit Most from PERILS' Offerings
PERILS' data and services are particularly beneficial for:
- Insurance Companies: PERILS provides essential data to improve their understanding and management of natural catastrophe risks, leading to more accurate pricing and risk mitigation strategies.
- Reinsurance Buyers and Sellers: Access to industry benchmark data is crucial for reinsurance companies to effectively assess and manage their portfolios, facilitating efficient risk transfer mechanisms.
- Investors in ILS and other risk transfer instruments: PERILS' industry loss indices serve as crucial triggers for these instruments, providing transparency and facilitating accurate valuation.
Frequently Asked Questions about PERILS
What is PERILS? PERILS AG is an independent provider of high-quality data and services focused on natural catastrophe insurance. They don't provide insurance coverage but rather data that underpins risk assessment and risk transfer mechanisms within the industry.
What services does PERILS offer? PERILS offers a range of services, including the Industry Exposure & Loss Database, the Industry Loss Index Service, the Cyber Industry Loss Reporting Service, Wind-Jeannie, and Satellite Flood Footprint. These services provide valuable data and tools to help insurance companies better understand and manage their exposure to various perils.
How can I contact PERILS? For data protection inquiries, you can contact PERILS at [email protected]. For other inquiries, please refer to their official website for contact information.
Key Takeaways
- PERILS provides high-quality, industry-standard data on natural catastrophes.
- Their services are crucial for risk assessment, pricing, and risk transfer mechanisms within the insurance industry.
- While geographically limited in some areas, their data and services offer significant value for users in their covered regions.
- Contacting PERILS directly is recommended for specific pricing and support inquiries.
References
[1] https://www.perils.org/about
[2] https://www.perils.org/products
[3] https://www.perils.org/data-privacy
[4] https://www.perils.org/products/industry-exposure-and-loss-database
