PCS Canada Brings Cat Data North of the Border

A cross-border partnership between a U.S. insurance data group and Toronto-based MSA Research has brought a Canadian version of Property Claims Services to the industry here.

PCS Canada will offer Canadian catastrophe data to insurers, brokers and reinsurers, according to a joint statement from ISO, and MSA Research. The information will help insurers set reserves, and improve predictive modeling and catastrophe planning. It will also help the industry take a standard approach to cat data collecting and sharing, according to the March 16 statement.

Loss trends, analysis

The new service “will enable insurers, reinsurers, and others to benefit from a
robust collection of data and refined analysis about such events and loss trends,” said Joel Baker, MSA president, in announcing the new partnership. “Our goal is to create a catastrophe service for the Canadian market that works similarly to and as successfully as — the U.S. PCS unit. We have been consulting with industry leaders on establishing this service for many months now, and the response has been extremely positive.”

Both the country’s insurance and reinsurance associations welcomed a new source of cat data: IBC president Don Forgeron noted that it would help create public policy around catastrophe and extreme weather issues, while Jean- Jacques Henchoz, president and CEO of Swiss Re, stressed its importance in aiding cat models.

The U.S. version of PCS has complied data on catastrophes south of the border since 1949.

For more information on the service, visit www.pcs-canada.com.

Copyright © 2017 Transcontinental Media G.P.
Transcontinental Media G.P.