27 May 2015 Insurance

PCS launches Turkish catastrophe loss service

Property Claim Services (PCS), a division of Verisk Analytics, has launched a catastrophe loss estimate service in Turkey.

PCS Turkey, which was launched in partnership with Istanbul Underwriting Centre (IUC), will use projected ultimate loss estimates from insurance industry participants to aggregate industrywide loss and estimated claim counts by CRESTA zone for events caused by all natural and man-made perils.

Members of the PCS and IUC teams will review events likely to reach the $10 million threshold to decide when they should contact industry participants to supply projected ultimate loss estimates.

If the claim types and volume suggest that an event could be a catastrophe, PCS Turkey will issue a catastrophe designation bulletin.

Joe Louwagie, assistant vice president of PCS, said: “I’m honoured to have the opportunity to collaborate with the IUC on a new loss aggregation service.

“In addition to developing  insured loss estimates and sharing best practices from around the world that will help insurers in Turkey manage their operations more effectively, the launch of PCS Turkey provides a much needed opportunity to help the global reinsurance and insurance-linked securities community with respect to transferring risk more effectively and optimising capital deployment.”

Menekşe Uçaroğlu, general manager at IUC, added: “Working with PCS, IUC has the opportunity to provide an even greater set of services to the Turkish insurance market, demonstrating our commitment to our clients across the country. We look forward to helping the industry improve how it manages catastrophe response, risk, and capital to help improve both customer service and shareholder value.”

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