Catastrophes

June 2016 Preview: Historical Catastrophe Activity

The Atlantic hurricane season runs from June 1 to November 30. Although forecasters predict average activity for this year, we’ve already experienced the first tropical event of the season, Hurricane Alex—unusual...

FireLine and the Fort McMurray Fire

As of this writing, firefighters are still battling the Fort McMurray fire in Western Canada, and authorities are restricting access to the area. The fire is a major incident, and Verisk’s Property Claim Services ® (P...

PCS launches new enhancements to its mobile app

PCS-Mobile has been updated to give users even more vital information on the go.  The new enhancements allow users to both view and upload photos and videos right from the field during or after catastrophes. The...

PCS Commercial Lines Catastrophe Planning and Response Report is released

Property Claim Services ® (PCS ® ) has published a new benchmarking study, the PCS Commercial Lines Catastrophe Claims Planning and Response Report . This report details results of a survey of industry participants on...

May 2016 Preview: Historical Catastrophe Activity

To the U.S. insurance industry, the month of May signals that hurricane season is right around the corner—with claims teams preparing for an unpredictable next few months. Significant catastrophe activity has occurred...

Blockchain, IoT, and Streamlined Claim Handling

At the Uniglobal Insurance Claims Management Conference, I heard a lot of doom and gloom about the future of claim handling—and the future of the insurance industry in general. New business models are poised to enter...

Top ILS Market Trends: Q1 2016

We’ve put another record-setting quarter  for catastrophe bond issuance behind us, with $2 billion in fresh capital coming to market. In some ways, the first quarter of 2016 offered more of the same, with no first-tim...

Blockchain, Smart Contracts, and Index Triggers: Count the Frictional Costs As They Disappear

Is the insurance industry watching developments in blockchain  technology? Some of our folks in the market are, but it’s pretty clear to me that the focus is the other way around. The blockchain community has its eye ...

April 2016 Preview: Historical Catastrophe Activity

Between 1950 and 2013, the month of April saw more violent tornadoes—EF4 and EF5—than any other month. Over the past ten years, there have been 267 tornadoes on average in April in the United States. The April 2011...

March 2016 Preview: Historical Catastrophe Activity

During the month of March between 2006 and 2015, Property Claim Services ® (PCS ® ) designated 28 weather-related catastrophe events. Those events caused approximately $12 billion in insured losses and resulted in 2.1...