| LONDON, Sept 11
LONDON, Sept 11 A new service launched by
insurance industry data provider PERILS will show real-time
satellite images of flood damage during and after major flood
events, the firm said on Monday.
Zurich-based PERILS launched the service with the European
Space Agency (ESA) and a consortium of insurers and reinsurers
including Munch Re, Allianz, Willis and Guy
Loss estimates by PERILS have been used as the index base
for all main forms of industry loss-based insurance risk
transactions - similar to the Property Claims Service (PCS) data
now widely used in the United States.
The service produces data daily during a flood event. Four
weeks after the flood, a map showing the maximum extent of the
flooding during the lifetime of the event will be produced,
helping reinsurers to assess the impact of the flood and prepare
for claims pay-outs.
PERILS added sums-insured information for UK flood exposure
in April 2012, and hopes to capture flood events in other areas
during the next year, head of sales Edi Held told Reuters.
Insurance brokers Guy Carpenter and Willis Re called for
flood risk to be better modelled by insurers at the reinsurance
industry's annual meeting in Monte Carlo this week. Swiss Re
has also called for a greater focus on flood
Flood risk is becoming a costly natural disaster for the
insurance and reinsurance market. Last year's flooding in
Thailand will cost the insurance industry $15-$20 billion, and
was the most expensive of a spate of catastrophes in 2011.
PERILS was launched in December 2009 by insurers Allianz,
AXA, Groupama and ZFS; reinsurers Munich Re, PartnerRe Ltd;
Swiss Re; and reinsurance broker Guy Carpenter.
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(Reporting by Sarah Mortimer; Editing by Catherine Evans)