PCS, a Verisk business, has announced the launch of PCS Global Large Loss, a new specialty lines loss aggregation and reporting solution for large onshore property loss events.
Available starting January 1, 2020, the PCS Global Large Loss index will include an industry loss estimate number for qualifying events, including property damage, business interruption, and liability.
A reporting threshold of $500 million will apply to all new events, and the database is expected to contain around 60 historical loss events from around the world.
Open events include ADNOC, Ituango, and the 2017 Merck property loss caused by NotPetya.
PCS began reporting on specialty lines losses with PCS Global Marine and Energy in 2017, and has since expanded into global cyber and terror.
“New product development is a labor of love for the PCS team, and we’re thrilled that insurers and reinsurers around the world have once again chosen us to meet their industry loss aggregation and reporting needs,” said Tom Johansmeyer, head of PCS. “PCS Global Large Loss is further proof that when our clients ask us for help, we’re always ready with a robust, independent, and reliable solution.”
“As with our past solutions—and I can’t stress this enough—the real credit belongs to the clients who invested considerable time and effort to support us,” Johansmeyer added.
“The PCS team never loses sight of what that commitment means. That said, our team has done incredible work on PCS Global Large Loss. The amount of time and effort they invested was not trivial, and that pales in comparison to the long-term commitment we’re making to this sector.”
Ted Gregory, director of operations at PCS, also commented: “I see every day what it means for a company to share data with PCS—both operationally and in terms of trust. We’re honored to have a worldwide community ask us to play the role of reporting agent for another specialty category.”
“In just a few years, PCS has added multiple new lines of business, each with a quick adoption rate and integration into our subscribers’ internal processes,” Gregory continued.
“We look forward to running PCS Global Large Loss in a live environment. There’s no substitute for continually proving your value. We know that we have to be consistent and reliable to be relevant and important to our market. Across our numerous indices, we intend to bring value to our subscribers every day. When a PCS team member wakes up in the morning, you can be sure this crosses his or her mind.”