The Insurance Services Office (ISO) has announced that it is to bring Property Claims Services PCS to Canada. The new service named PCS Canada aims to provide insurers, reinsurers, brokers and other stakeholders with Canadian catastrophe information to enable them to better manage their natural and man-made catastrophe risks.
The new service could lead to the use of catastrophe bonds and insurance-linked securities in Canada as the improved access to data and potential for modelling losses will make structuring deals easier.
Good access to quality data is vital to this market and PCS has been key in the development of the catastrophe bond market in the U.S. We hope this new service enables Canadian risks to be transferred to the capital markets more efficiently.
Full press release from the ISO is available here.