PCS and IUC Launch Catastrophe Loss Aggregation Service for Turkey
(Thomson Reuters ONE) -
JERSEY CITY, N.J. AND ISTANBUL, TURKEY, MAY 27, 2015 - Property Claim Services
(PCS) and Istanbul Underwriting Center (IUC) are excited to announce the launch
of PCS Turkey. This new service will deliver industrywide catastrophe loss
estimates for events occurring throughout Turkey. Insurers, reinsurers, and
other risk transfer professionals will be able to use the estimates published by
PCS Turkey to improve risk and capital management. PCS is a Verisk Analytics
(Nasdaq:VRSK) business.
Like PCS in the United States and Canada, PCS Turkey will use projected ultimate
loss estimates from insurance industry participants to aggregate industrywide
loss and estimated claim counts by CRESTA zone for events caused by all natural
and man-made perils. Events with at least $10 million in projected insured
property losses will receive catastrophe designation, and the reports will
include industrywide loss estimates for:
* residential: building and contents
* auto: residential and commercial
* commercial: building, contents, and business interruption
To determine whether PCS Turkey should evaluate an event, members of the PCS and
IUC teams will review events likely to reach the $10 million threshold to decide
when they should contact industry participants to supply projected ultimate loss
estimates. If the claim types and volume suggest that an event could be a
catastrophe, PCS Turkey will issue a catastrophe designation bulletin - with
versions in Turkish and English.
Following event designation, PCS and IUC will review the submitted data to
develop catastrophe loss estimates, which are communicated through bulletins -
similar to the process PCS uses in the United States and Canada. PCS Turkey will
resurvey each event until it considers an event closed - when loss development
has stabilized and no significant unknowns exist that could substantially affect
the overall industrywide insured loss.
Additionally, PCS and IUC will work together to source global speakers for local
conferences on topics useful to the Turkish insurance industry.
"I'm honored to have the opportunity to collaborate with the IUC on a new loss
aggregation service," said Joe Louwagie, assistant vice president of PCS. "In
addition to developing insured loss estimates and sharing best practices from
around the world that will help insurers in Turkey manage their operations more
effectively, the launch of PCS Turkey provides a much needed opportunity to help
the global reinsurance and insurance-linked securities community with respect to
transferring risk more effectively and optimizing capital deployment."
"Working with PCS, IUC has the opportunity to provide an even greater set of
services to the Turkish insurance market, demonstrating our commitment to our
clients across the country," said Menekse Uçaroglu, general manager at IUC. "We
look forward to helping the industry improve how it manages catastrophe
response, risk, and capital to help improve both customer service and
shareholder value."
About Verisk Analytics
Verisk Analytics (Nasdaq:VRSK) is a leading data analytics provider serving
customers in insurance, healthcare, financial services, government, and risk
management. Using advanced technologies to collect and analyze billions of
records, Verisk Analytics draws on vast industry expertise and unique
proprietary data sets to provide predictive analytics and decision support
solutions in fraud prevention, actuarial science, insurance coverages, fire
protection, catastrophe and weather risk, data management, and many other
fields. In the United States and around the world, Verisk Analytics helps
customers protect people, property, and financial assets. For more information,
visit www.verisk.com.
About Istanbul Underwriting Center
Istanbul Underwriting Center is a management and consultancy services group that
operates in the insurance area and was established to add quantifiable value to
processes such as claims, product development and administration, reinsurance,
loss adjusting, and training. Our five different brands provide services in
addition to the technical processes of insurers. We serve corporate businesses,
small and medium-sized enterprises, and more than 1 million retail customers.
For more information, visit http://www.iucre.com/egitim/egitim.php.
As IUC, we are proudly completing our ninth year of activity by setting even
more ambitious goals for the future. Since our foundation, we have been
following two principles. The first one is providing "measurable, real benefits"
to insurance companies that are fundamental for insurance business. The second
one refers to increasing and diversifying our "no cure, no pay" services.
Contact:
Giuseppe Barone/Colleen Finley
MWW Group (for Verisk Analytics)
+1 201 507 9500
gbarone(at)mww.com
cfinley(at)mww.com
Menekse Uçaroglu
Istanbul Underwriting Center
+90 212 3283333
menekse(at)iucre.com
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Verisk Analytics Inc. via GlobeNewswire
[HUG#1922695]
Unternehmensinformation / Kurzprofil:
Datum: 27.05.2015 - 13:00 Uhr
Sprache: Deutsch
News-ID 396142
Anzahl Zeichen: 6005
contact information:
Town:
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Kategorie:
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