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News - PCS expands services.
(From Reinsurance)
ISO's Property Claim Services (PCS) unit has expanded its services to include loss estimates for potential catastrophic terrorism losses. PCS announced it will assign catastrophe serial numbers to potential terrorism events likely to have caused at least $5m in insured losses anywhere in the US, Puerto Rico and the US Virgin Islands.
PCS selected a $5m threshold for potential terrorism catastrophes to coincide with the amount specified by the federal Terrorism Risk Insurance Act (TRIA). "Historically, PCS defines a catastrophe as an event causing more than $25m in losses and ...
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