PERILS LIMITS AT RISK RISE 11%

Perils, the Zurich-based catastrophe claims company, has seen its limits at risk increase 11% to $3.2bn, up from $2.9bn at year-end 2020. The growth is due to greater interest in multi-territory industry loss risk transfer via insurance linked securities (ILS) and industry loss warranties (ILW) using Perils as the reporting agency for industry loss triggers. The data provider saw an increase in European windstorm limits due to growth in ILW transactions, while limits at risk for Australia reduced due to the expiry of a large multi-year ILS transaction. Total Perils-based limits issued since January 1, 2010, stand at $20.2bn from 340 individual ILS and ILW transactions. Luzi Hitz, chief executive of Perils, said: “We have continued to expand our market coverage in recent years with the addition of New Zealand and Canada. This is the first time for Canada and New Zealand that Perils data has been used in ILS transactions since we started covering these markets.