Property Claim Services® (PCS®), a Verisk Analytics (Nasdaq:VRSK) business, has launched PCS Global Marine and Energy, its first solution outside the property-catastrophe sector. The new loss aggregation service provides industry loss estimates for ocean marine and offshore energy events likely to exceed $250 million worldwide.
PCS launched the new service because of direct market feedback indicating the need for disciplined, independent, and reliable industry loss estimates for marine and energy. With PCS Global Marine and Energy, insurers, reinsurers, and other stakeholders in the global risk and capital supply chain can gain access to an unbiased view of the industry loss for large nonelemental events around the world. Additionally, they can use the index to facilitate reinsurance and alternative risk-transfer transactions, an area where the need for a loss aggregation service has been widely recognised.
“Our clients have been clear: The industry needs a loss aggregation solution for global marine and energy,” said Tom Johansmeyer, assistant vice president, PCS Strategy and Development. “We’ve invested considerable time and effort to launch PCS Global Marine and Energy based specifically on this feedback. With a consistent, rigorous approach to loss aggregation, our new solution should help companies understand losses and transfer risk more effectively. The market spoke, and we listened. We’re happy to provide the help the industry has sought for so long, and we look forward to working with our clients further so they can maximise their use of this solution.”
“Loss aggregation is important beyond property catastrophe, and we’ve developed a process focused on the specific needs of this sector while remaining consistent with the retrospective view PCS takes on loss events,” added Ted Gregory, director of PCS Operations. “As with any event, we’ll stick to a defined methodology to arrive at consistent, independent, and reliable industry loss estimates.”
PCS Global Marine and Energy already has estimates for several events, including Deepwater Horizon, Costa Concordia, Gryphon Alpha, and Jubilee. And PCS expects the full historical database—dating back to 2009—to be completed soon. For this sector, PCS reviews insured loss events likely to exceed $250 million, consisting of energy physical damage, marine hull, marine cargo, and liability.
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