|
ISO, in conjunction with MSA Research, Inc., in Toronto, Canada, has established the PCS-CanadaTM Service that launched on April 1, 2010. The PCS-Canada service gives insurers, reinsurers, brokers, and other stakeholders Canadian catastrophe information to ensure better risk management for natural and man-made perils.
The independent service enables primary insurance companies, reinsurers, brokers, and others to receive, for the first time, industrywide data about Canadian catastrophes, including man-made and extreme weather events. The eventual availability of historical catastrophe data will help insurers set more accurate reserves, improve benchmarking, enhance data quality for modeling purposes, promote reinsurance transactional efficiencies, and fine-tune catastrophe response plans.
The PCS-Canada Service enables insurance companies to benchmark their claims against industry averages and helps ensure the adequate purchase of reinsurance coverage. The PCS-Canada Service lets the Canadian insurance/reinsurance industry present a standardized approach for collecting and disseminating catastrophe loss data for broader analysis. In time, the service will increase the availability of alternative reinsurance products, such as catastrophe bonds and other insurance-linked capital market instruments.
The PCS-Canada Service is based on a similar system that ISO manages in the United States. ISO’s catastrophe risk service is run by its Property Claim Services (PCS) division, which has identified catastrophe events and compiled insured property loss estimates for U.S. insurers and reinsurers since 1949.
|
|
Your primary source of information on catastrophes