STATISTICS:

PERILS takes over CRESTA secretariat

PERILS, the independent Zurich-based organization providing industrywide catastrophe insurance data, has announced that it has taken over responsibility for the ongoing management of the CRESTA Secretariat. The Secretariat was previously managed on a rotational basis by Munich Re and Swiss Re.

Commenting on the announcement, Eduard Held, Head of Products at PERILS, said: "We are very pleased to be running the CRESTA Secretariat going forward. CRESTA is a well-established and widely used aggregation standard in the insurance industry. Given PERILS' mission of increasing data availability for the benefit of the entire insurance industry, we believe that PERILS as an independent industry body is ideally suited to maintain and further develop the CRESTA standard."

CRESTA is a globally accepted standard which is applied throughout the insurance and reinsurance industries in more than 130 countries. The organization was established by the insurance and reinsurance industry in 1977 as an independent body to enable the standardized management of natural perils insurance data by establishing and maintaining a uniform global system of risk accumulation zones, which could be used for modelling and risk transfer purposes.

"Today, we hand over the responsibility of managing the CRESTA Secretariat to PERILS after more than 40 years of maintaining the global system. The rise of digitalization and the increasing importance of data standards are helping further elevate the importance of the CRESTA system. Given PERILS's unique market position, they are ideally placed to take over this role and I am fully confident that we are placing the initiative in safe hands," Peter HAUSMANN, Head Property & Engineering Solutions at Swiss Re said.

The main tasks of the CRESTA Secretariat include the maintenance of the CRESTA zoning standards as well as interacting directly with its users. The CRESTA standard zones are available for download at www.cresta.org and the Secretariat can be contacted at cresta@perils.org. Going forward Munich Re and Swiss Re will remain involved as members of the CRESTA Advisory Board.

Andreas Siebert, Head Exposure Analytics at Munich Re, said: "Since 1977, we have played a central role in developing and running the CRESTA initiative. The success of this initiative in helping standardize catastrophe exposure data reflects the immense work and dedication of all involved in this project. PERILS has a full understanding of the valuable function that the CRESTA system plays in the effective transfer and modelling of risk and will now take this initiative forward."

About PERILS

PERILS is an independent Zurich-based organization providing industry-wide natural catastrophe exposure and event loss data. The PERILS Industry Exposure & Loss Database is available to all interested parties via annual subscription. PERILS industry loss estimates, provided via the PERILS Industry Loss Index Service, can be used as triggers in insurance risk transactions such as industry loss warranty contracts (ILW) or insurance-linked securities (ILS) and currently covers the following 16 countries: Australia, Austria, Belgium, Canada, Denmark, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Norway, Sweden, Switzerland, Turkey, and the United Kingdom. The use of PERILS exposure and loss data other than in conjunction with a valid PERILS License and according to its terms, by a Licensee or an Authorized User as defined in the License, is illegal and expressly forbidden. More information can be found on www.perils.org.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

Inclusive insurance on the agenda of the second CEE & SEE - Regional Actuarial Insurance Conference in Skopje, Macedonia

Insurance should be accessible to all social classes, regardless of their wealth and income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. The low insurance penetration rates across the region show the need for another approach.

2019-01-10

FIAR 2019: Register before 30 January and save 40% of the attendance fee

To the satisfaction of its traditional guests, FIAR returns in 2019 to its historical hometown, Sinaia. The forthcoming edition will benefit from the comfort and professional facilities of a new venue, the Conference Center of the International Hotel ****, located in the heart of the beautiful mountain resort. Registration is opened at a significantly discounted early bird rate until 30 January.

2019-01-10

ON THE MOVE

ALLIANZ announced three executives appointments

German insurance Group ALLIANZ announced three senior leadership appointments at ALLIANZ DIGITAL Health, ALLIANZ Private Krankenversicherung and Allianz Global Corporate & Specialty SE.

18.01.2019

TOP EVENT

Inclusive insurance on the agenda of the second CEE & SEE - Regional Actuarial Insurance Conference in Skopje, Macedonia

Insurance should be accessible to all social classes, regardless of their wealth and income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. The low insurance penetration rates across the region show the need for another approach.

10.01.2019

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all