Verisk-owned PCS launches cat product supporting reinsurers and ILS in Japan
Property Claim Services (PCS), a Verisk Analytics business, has launched its industry catastrophe loss data aggregation and index reporting services for events occurring in Japan.
The latest launch is Property Claim Services' first catastrophe product in Asia. It said it has launched it in response to market demand.
PCS provides estimates on catastrophe losses that can be used by insurers, reinsurers and insurance-linked securities (ILS) firms improve insurance operations, risk transfer, and other post-event management to meet the needs of customers, shareholders, and other stakeholders more effectively.
Japan has suffered multiple devastating domestic wind/flood catastrophes in the recent past. The country endured two large typhoons, Jebi and Trami, as well as earthquakes in 2018, causing multi-billion-dollar losses to the insurance industry.
PCS said the move reflects a wider demand from reinsurers and ILS firms that experienced large exposures from Japanese cat events.
"We had enough clients that wanted us specifically to launch in Japan because they wanted a non-conflicted entity doing this," Tom Johansmeyer, assistant vice president at PCS told Intelligent Insurer.
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