PCS Turkey
Investigating and assessing insured catastrophe losses in Turkey
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.
PCS Turkey loss estimates
For each catastrophe, the PCS Turkey service develops a loss estimate that represents anticipated industrywide insurance payments for property lines of insurance covering:
- fixed property
- building contents
- time-element losses
- vehicles
- inland marine (diverse goods and properties)
Damage estimates help insurers and reinsurers:
set loss reserves
determine where field resources may need to be positioned for catastrophe response
verify internal company estimates
Development and release of loss estimates
Development
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.
Release
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 benefit the industry
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 catastrophe serial numbers
PCS Turkey catastrophe serial numbers
PCS Turkey investigates events to determine whether the damage meets its definition of a catastrophe (causing T₺10 million 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.
Additional information on catastrophes and insurance losses
Additional information on catastrophes and insurance losses
The PCS Turkey service offers a wealth of information about catastrophes and related issues. A PCS Turkey subscription provides access to:
- catastrophe bulletins — with information selectable by date, province, perils, or catastrophe serial number
- catastrophe news — periodic news bulletins on recent catastrophes and other issues affecting the insurance industry’s response to catastrophes