PCS Provides Wide Range of Support to Global Insurance IndustryBy Joe Louwagie | May 8, 2014
Property Claim Services® (PCS®) maintains a singular focus on its mission to support the global insurance industry. When a catastrophe strikes, we use a rapid-implementation approach to provide industrywide catastrophe designation, loss estimation, and reporting at the local level.
PCS offers daily benefits to primary insurers, producing a measurable benefit even if a market does not engage the insurance-linked securities (ILS) sector. For example, claims departments use PCS data to designate catastrophe claims for specific handling and reporting, allocate catastrophe adjusters, and mitigate loss adjustment expenses. Claims professionals can also use PCS data to benchmark average claim payments against industry averages and identify catastrophes that warrant additional review.
Actuaries use PCS data to narrow their minimum and maximum loss reserves, determine product pricing by accounting for relevant historical catastrophe activity, and justify proposed pricing changes to regulators by using the PCS historical catastrophe database.
Underwriters use PCS data to benchmark catastrophe loss distribution (and, as a result, loss segmentation), measure exposure to catastrophe risk concentration, calculate loss ratio effects, and assess Probable Maximum Loss (PML).
Industrywide bodies ― regulators, insurance associations, and self-regulatory organizations ― use PCS data to implement a consistent definition of “catastrophe” for all risk and insurance industry stakeholders, determine thresholds for specific government or industrywide programs, track and report insured losses from specific events, and more.
Catastrophe and capital modelers use PCS data to benchmark and align their models, calibrate with different perils and new events, and evaluate the implications of different scenarios for firm solvency and profitability.
Around the world, PCS services benefit risk bearers, regulators, insurance associations, and carriers. They have shown increased interest in industrywide catastrophe designation, loss estimation, and reporting at the local level. In addition, implementing the PCS loss aggregation service in a particular country or region brings significant opportunities to engage the capital markets.
Learn more about PCS
Contact Don Hahn at +1 201 469 3115, or email@example.com, to find out about bringing PCS to your country. You can learn more at www.verisk.com/pcs.
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