Property Claim Services

Admittedly, my interest in blockchain has been fairly narrow. Given the role of PCS® in the global industry loss warranty (ILW) market, I’ve been particularly focused on how blockchain-enabled smart contracts could benefit the reinsurance and insurance-linked securities (ILS) market.

During a track at the IFoA Asia Conference 2018 last week, a speaker laid out a “future state” vision that included access to insurance-linked securities (ILS)—or at least some version of ILS—for retail investors.

Since 2007, PCS® has designated 25 events in the month of September, totaling 2.5 million in estimated losses or approximately $20.6 billion.

The National Hurricane Center says a named storm forms in the Atlantic Basin in June once every other year.

From 2007-2016, PCS designated 33 catastrophic events in this month-- resulting in total insured losses of roughly $9.7 billion.

Since 2007, the average catastrophe frequency for the month of March is 3.2 events, with 220,000 claims generating $1.4 billion in industry losses.

It’s midwinter in the Northern Hemisphere, and we’re looking ahead to February with a review of historical catastrophe activity.

With winter on its way, we look ahead to January cat event risks. Catastropic January storms since 2007 have caused nearly $5.9 billion in insured losses.

The 2016 hurricane season ended November 30 with two PCS® catastrophe designations from Atlantic Basin hurricanes that made landfall in the United States.

The 2016 hurricane season will come to an end on November 30. So far this year, two catastrophes have been designated as tropical events.