Property Claims Services, a Verisk Analytics business, has for the first time ventured away from the property-catastrophe sector as it kicks-off its Global Marine and Energy loss aggregation solution services.
The PCS Global Marine and Energy risk model index is set to provide industry loss estimates for ocean marine and offshore energy events over the $250 million mark; it can also be used to facilitate reinsurance and alternative risk-transfer transactions, an area widely recognised as needing a loss aggregation service.
The new service comes in response to direct market feedback which showed a market vacuum for independent and reliable marine and energy industry loss estimates.
Tom Johansmeyer, assistant vice president, PCS Strategy and Development, said clients had clearly shown a need for a loss aggregation solution for global marine and energy.
“We`ve invested considerable time and effort to launch PCS Global Marine and Energy based specifically on this feedback. With a consistent, rigorous approach to loss aggregation, our new solution should help companies understand losses and transfer risk more effectively.
“The market spoke, and we listened. We’re happy to provide the help the industry has sought for so long, and we look forward to working with our clients further so they can maximize their use of this solution,” said Johansmeyer.
PCS Global Marine and Energy said it already has estimates for several events, including Deepwater Horizon, Costa Concordia, Gryphon Alpha, and Jubilee.
The PCS reviews for marine and energy will include energy physical damage, marine hull, marine cargo, and liability events likely exceeding $250 million.
Ted Gregory, director of PCS Operations, commented on the procedure developed for the firm’s event reviews; “we`ve developed a process focused on the specific needs of this sector while remaining consistent with the retrospective view PCS takes on loss events.”
“As with any event, we`ll stick to a defined methodology to arrive at consistent, independent, and reliable industry loss estimates.”