PCS has enhanced its US weather and natural hazard analytics capabilities with the aid of Verisk Climate, delivering precision catastrophe business data to P&C insurers.
PCS will now integrate natural hazard analyses into its catastrophe and loss estimate bulletins, as the company extends its loss analysis capabilities.
PCS enhancements will draw upon Verisk Climate’s US weather and natural hazard analytics, with similar enhancements planned for Canada from June.
PCS explains that “when PCS designates a weather event as a catastrophe, the initial PCS Catastrophe Designation Bulletin can have an additional element such as a Verisk Climate Respond map that provides objective weather information illustrating the affected geographic areas.”
Commenting on the development, Joe Louwagie, assistant vice president, PCS, says, “Integrating Verisk Climate peril maps and visuals into the PCS catastrophe bulletins meets a clear need for claims departments across the United States and Canada.”
“The county-level respond maps in the PCS bulletin can help insurers, reinsurers, and insurance-linked securities (ILS) market participants assess the severity of damage in the affected regions more quickly.”
“The catastrophe declarations issued by PCS serve an important function within insurer claim operations and are widely depended upon by investors and sponsors of insurance-linked securities,” says Kyle Beatty, president, Verisk Climate.
“The Verisk Climate map shows the states and counties affected. This view is consistent with the full Respond service’s interactive and more detailed neighborhood-level analysis that claims departments embed in their operations to evaluate total effect on policies and reduce cycle time in verifying claims.”
PCS, catastrophe, insurance, reinsurance, modelling