PCS has stated that it is planning to launch its latest global specialty lines loss aggregation solution for terror in the first quarter of 2018.
According to the company, PCS Global Terror will provide industry loss estimates on single risk loss events of at least $25 million, covering physical damage and business interruption losses. The historical database will include loss estimates for 14 events dating back to 1992 — the two most recent in Turkey and Belgium (both in 2016), with both still under investigation.
The events include the World Trade Centre garage bombing in 1993, the London Docklands IRA bombing in 1996 and the attacks on hotels and the Jewish centre in Mumbai in 2008.
PCS stated that as part of the methodology, some terror events may already be covered and will be picked up by PCS in the United States, Canada, or Turkey. For these, the local property-catastrophe methodology will be employed (sometimes lower thresholds), while for the rest of the world, the global specialty methodology will be applied.
PCS, Terror risk solution, Specialty insurance, Global