Property Claims Services (PCS), a Verisk Analytics business, has developed a new level of granularity for U.S property catastrophe insured loss data, offering county level industry loss estimates and claim counts for events with insured losses of at least US $1 billion.
PCS said it has worked closely with insurers in the U.S and risk bearers around the world to develop this product enhancement, using county-level projected ultimate loss data from a wide range of companies.
Initial testing will be focused on Texas and perils that cause events with losses exceeding $1 billion, although PCS added that it would complete further testing across the U.S before the county-level loss estimates are available for access.
Tom Johansmeyer, Co-Head of Strategy and Development for PCS, said: “The market has sought a county-level solution for years, and past efforts have been helpful but couldn’t deliver the same level of reliability as the extension of the core PCS methodology down to county.
“This new PCS enhancement will equip insurers and reinsurers to benchmark performance and to manage risk and capital more effectively in the most catastrophe-prone insurance market in the world.
“PCS has long been the most relevant catastrophe loss reporting agent, with clear independence and a track record like no other. We’re thrilled that our clients collaborated with us on this new solution, and we’re eager to help them put it to work!”
Ted Gregory, Co-Head of Operations for PCS, also commented: “The operations team has been working with its usual tireless commitment to develop our new solution for county-level reporting in the United States, particularly while actively engaged in the management of several major catastrophe events from 2017’s unprecedented activity.
“And we’re thankful for the continued—and increased—support provided by the insurance industry in helping us reach this important milestone. New solutions from PCS require trust, effort, and collaboration. We never lose sight of that fact, and our ongoing efforts will show it.”
PCS has published industry loss estimates on nearly 1,900 catastrophe events across the U.S, Canada, and Turkey, amounting to insured losses of above $570 billion.
The group has also recently entered the global specialty lines space, adding PCS Global Marine and Energy, PCS Global Cyber, and PCS Global Terror starting in the first half of 2017.
