PCS to Modify Catastrophe Code Format

By Ted Gregory January 16, 2015

Property Claim Services® (PCS®) currently designates catastrophes using a two-digit sequential code from 11 through 99. Based on feedback from our user community, we plan to implement a four-digit code on January 1, 2016, for events in the United States only. We’ve decided to make this change based on a significant response to our survey in which many users indicated that the two-digit code makes it difficult to identify the year in which a catastrophe event occurred.

The code will consist of the two-digit year followed by the two-digit catastrophe number (from 11 to 99 each year). Here is an example of the four-digit designation system:

  • if the first catastrophe of a given year occurs on January 22, 2016, the code will be 1611
  • if the second catastrophe of the same year occurs on February 1, 2016, the code will be 1612

The change, effective January 1, 2016, may require some companies to make internal system modifications, and those not prepared for this change may experience challenges aggregating and tracking losses if their systems aren’t capable of accepting the four-digit code.

For questions regarding the upcoming modification, please contact Ted Gregory at 201-469-3144 or tgregory@verisk.com.

Ted Gregory

Ted Gregory is manager, Property Claim Services (PCS). PCS is a Verisk Analytics (Nasdaq:VRSK) business.