Property Claims Services

Insured property losses in the United States hit over $68 billion in 2020, as 19 catastrophe events of more than $1 billion in claims each hit the country during the year, according to data from Verisk’s Xactware and PCS units.

Leadership changes have been announced at Property Claim Services® (PCS), the division of Verisk Insurance Solutions that collects and aggregates insurance industry loss data which is widely used in reinsurance, industry loss warranty (ILW) and catastrophe bond transaction.

The latest catastrophe bond report from Property Claim Services (PCS) highlights the continued use of PCS data for both index triggers and independent catastrophe designations, in the maturing insurance-linked securities (ILS) space.

Use of insurance industry loss triggers using data supplied Property Claim Services (PCS) increased in the first-quarter of 2015, as a record first-quarters’ catastrophe bond issuance saw PCS’ data used in $800m of transactional volume across 4 deals.

2014 was a year full of firsts for the catastrophe bond market, helping cat bond issuance to reach a new record highs. But as well as breaking new ground the cat bond market shows signs of continuing maturation, according to the latest market report from Property Claim Services (PCS).

2014 continues to look capable of breaking records for catastrophe bond issuance, with this year still up on the last helped by an increased focus on the insurance-linked securities (ILS) markets’ sweet spot of U.S. perils, according to Property Claim Services (PCS).

The record level of catastrophe bond issuance seen in 2014 to date has seen an increased amount of diversity brought to market, according to Property Claim Services (PCS), while its data was used within $2 billion of new cat bonds so far this year.

Property Claim Services (PCS) has teamed up with Verisk Climate, both units of Verisk Analytics, to add natural hazard and weather analysis maps of affected areas to its PCS catastrophe designation and loss estimate bulletins.

The volume of catastrophe bonds issued during the first-quarter of 2014 which utilised data from Property Claim Services (PCS) within their triggers totalled $465m, accounting for 50% of the applicable deals issued.

Over the course of 2013 the volume of catastrophe bonds issued which utilised data from Property Claim Services (PCS) within their triggers totalled $2.8 billion, accounting for nearly 40% of risk capital issued.