PCS Estimates of Insured Property Loss
PCS® is the only insurance-industry resource for compiling and reporting estimates of insured property losses resulting from catastrophes. You can use those estimates to set loss reserves, verify your internal estimates, and manage your capital more effectively.
For each catastrophe, the PCS loss estimate represents anticipated industrywide insurance payments for property lines of insurance covering:
- fixed property
- building contents
- time-element losses
- inland marine (diverse goods and properties)
To develop the best estimate in the shortest possible time, PCS generally combines two methods:
- a confidential survey of insurers, agents, adjusters, public officials, and others to gather data on claim volumes and amounts
- analysis of the data combined with trend factors to determine a loss estimate
Just days after an event, PCS completes its first survey and releases a preliminary estimate of losses. That early information has repeatedly proven reliable. For large or unusual events, PCS resurveys the affected insurers to assure accuracy and to identify loss components and relevant claim issues. PCS continues the process until its staff is confident of a fully developed estimate.
Accurate information for reserving, resource management, and benchmarking
Because the accuracy of your catastrophe claim reserves can directly affect the solvency and stability of your company, you can't afford guesswork. PCS loss estimates can help you make reserving decisions with confidence.
The details in PCS estimates can also help you assign the appropriate personnel to handle the claims from a particular event.
And with PCS information as a benchmark, you can assess your own claims activity compared with the industry as a whole.
For more information about PCS
Property Claim Services®