The PCS Canada service investigates disasters and determines the extent and type of damage, dates of occurrence, and geographic areas affected. The PCS Canada service produces insured loss damage estimates that help insurers and reinsurers:
The PCS Canada service estimates keep insurers, their customers, regulators, and other interested parties informed about the total costs of disasters. Loss estimates represent anticipated industrywide insurance payments for property lines of insurance covering:
To develop reliable estimates in the shortest time, staff members confidentially survey insurers, agents, adjusters, public officials, and others to determine claim volumes and amounts. That data is analyzed and combined with trend factors to develop a loss estimate. Staff members may also conduct on-the-ground surveys.
After an event, the PCS Canada service releases a preliminary loss estimate. All PCS Canada events receive at least one resurvey. Events are resurveyed until we’ve reached a fully developed estimate.
The PCS Canada service defines catastrophes as events that cause C$25 million or more in direct insured property losses and affect a significant number of policyholders and insurers. We assign an industry-recognized serial number to catastrophes that meet this threshold. This serial number lets insurers track losses related to a discrete event, and it’s regularly used to determine which losses trigger reinsurance coverage. Our reputation for accuracy reduces disputes between primary insurers and reinsurers, saving the industry millions of dollars a year.
FlatCat® Canada provides fast, flexible delivery of severe weather and catastrophe information dating from 2009. This data can then be customized, analyzed, and integrated into users’ own systems.