PCS® is the internationally recognized authority on insured property losses from catastrophes. The PCS Turkey service investigates reported disasters, determines the extent and type of damage—including dates of occurrence and geographic areas affected—and assigns serial numbers to events.
For each catastrophe, the PCS Turkey service develops a loss estimate that represents anticipated industrywide insurance payments for property lines of insurance covering:
set loss reserves
determine where field resources may need to be positioned for catastrophe response
verify internal company estimates
The PCS Turkey service generally combines two methods to develop the best estimate in the shortest possible time. First, PCS conducts confidential surveys of insurers, agents, adjusters, public officials, and others to gather data on claim volumes and amounts. Then we analyze the data and combine it with trend factors to determine a loss estimate. Our staff members may also conduct on-the-ground surveys.
After an event, the PCS Turkey service will release a preliminary estimate of losses. For large or unusual events, the service will resurvey the affected insurers to assure accuracy and to identify loss components and relevant claim issues. Staff members will continue the process until they are confident of a fully developed estimate.
PCS Turkey estimates keep insurers, their customers, regulators, and other interested parties informed about the total costs of disasters. Insurance companies contribute significantly to the economic recovery following a catastrophe. The PCS Turkey service regularly reports on the value of that contribution—and its effect on insurers. The service also maintains contact with industry representatives in many countries.
PCS Turkey investigates events to determine whether the damage meets its definition of a catastrophe (causing TRY 30M or more in direct insured property losses and affecting a significant number of policyholders and insurers). PCS Turkey assigns qualifying catastrophes a serial number. Recognized throughout the insurance industry, the catastrophe serial number lets insurers track losses and reserves related to a single, discrete event.
Under many reinsurance contracts, the serial number is important for determining which losses will trigger reinsurance coverage. Our long-standing reputation for defining and accurately tracking catastrophes reduces disputes between primary insurers and reinsurers.
The PCS Turkey service offers a wealth of information about catastrophes and related issues. A PCS Turkey subscription provides access to: