JERSEY CITY, N.J. AND ISTANBUL, TURKEY, MAY 27, 2015 — Property Claim Services (PCS) and Istanbul Underwriting Center (IUC) are excited to announce the launch of PCS Turkey. This new service will deliver industrywide catastrophe loss estimates for events occurring throughout Turkey. Insurers, reinsurers, and other risk transfer professionals will be able to use the estimates published by PCS Turkey to improve risk and capital management. PCS is a Verisk Analytics (Nasdaq:VRSK) business.
Like PCS in the United States and Canada, PCS Turkey will use projected ultimate loss estimates from insurance industry participants to aggregate industrywide loss and estimated claim counts by CRESTA zone for events caused by all natural and man-made perils. Events with at least $10 million in projected insured property losses will receive catastrophe designation, and the reports will include industrywide loss estimates for:
To determine whether PCS Turkey should evaluate an event, members of the PCS and IUC teams will review events likely to reach the $10 million threshold to decide when they should contact industry participants to supply projected ultimate loss estimates. If the claim types and volume suggest that an event could be a catastrophe, PCS Turkey will issue a catastrophe designation bulletin — with versions in Turkish and English.
Following event designation, PCS and IUC will review the submitted data to develop catastrophe loss estimates, which are communicated through bulletins — similar to the process PCS uses in the United States and Canada. PCS Turkey will resurvey each event until it considers an event closed — when loss development has stabilized and no significant unknowns exist that could substantially affect the overall industrywide insured loss.
Additionally, PCS and IUC will work together to source global speakers for local conferences on topics useful to the Turkish insurance industry.
“I’m honored to have the opportunity to collaborate with the IUC on a new loss aggregation service,” said Joe Louwagie, assistant vice president of PCS. “In addition to developing insured loss estimates and sharing best practices from around the world that will help insurers in Turkey manage their operations more effectively, the launch of PCS Turkey provides a much needed opportunity to help the global reinsurance and insurance-linked securities community with respect to transferring risk more effectively and optimizing capital deployment.”
“Working with PCS, IUC has the opportunity to provide an even greater set of services to the Turkish insurance market, demonstrating our commitment to our clients across the country,” said Menekşe Uçaroğlu, general manager at IUC. “We look forward to helping the industry improve how it manages catastrophe response, risk, and capital to help improve both customer service and shareholder value.”
About Verisk Analytics
Verisk Analytics (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, healthcare, financial services, government, and risk management. Using advanced technologies to collect and analyze billions of records, Verisk Analytics draws on vast industry expertise and unique proprietary data sets to provide predictive analytics and decision support solutions in fraud prevention, actuarial science, insurance coverages, fire protection, catastrophe and weather risk, data management, and many other fields. In the United States and around the world, Verisk Analytics helps customers protect people, property, and financial assets. For more information, visit www.verisk.com.
About Istanbul Underwriting Center
Istanbul Underwriting Center is a management and consultancy services group that operates in the insurance area and was established to add quantifiable value to processes such as claims, product development and administration, reinsurance, loss adjusting, and training. Our five different brands provide services in addition to the technical processes of insurers. We serve corporate businesses, small and medium-sized enterprises, and more than 1 million retail customers.
As IUC, we are proudly completing our ninth year of activity by setting even more ambitious goals for the future. Since our foundation, we have been following two principles. The first one is providing “measurable, real benefits” to insurance companies that are fundamental for insurance business. The second one refers to increasing and diversifying our “no cure, no pay” services.
Istanbul Underwriting Center
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