Global: Insured property assets continue to show impact of inflationary environment
Source: Middle East Insurance Review | May 2024
Last month, PERILS, the independent Zurich-based company providing industry-wide catastrophe insurance data, released the PERILS Industry Exposure Database (IED) 2024 which includes detailed sums insured exposed to natural perils of $111tn of property assets.
The impact of inflationary developments on exposures continues to be visible in the database, with sums insured for European windstorm increasing by 10.1% y-o-y at constant EUR exchange rates (10.8% at variable EUR exchange rates) – similar levels to 2023, said the report.
Across all markets, exposure growth is 11.7% y-o-y in USD terms. The PERILS IED for wind Japan remains remarkably stable in JPY with y-o-y growth in the low single digits, reflecting a more moderate inflationary environment in Japan in 2023. However, in US$ the sums insured represent a decline of 5.1% y-o-y due to an appreciating dollar.
The information is available for several natural perils in 21 countries: Australia, Austria, Belgium, Canada, Denmark, France, Germany, Ireland, Indonesia, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, the Philippines, Sweden, Switzerland, Thailand, Türkiye and the UK. M