John B. Collins Associates Inc. (Collins) and Insurance Services Office Inc. (ISO) have signed a license agreement which allows the use of ISO Property Claim Services (PCS) as an index in all industry loss warranties purchased by insurers and reinsurers from Collins.
Industry loss warranties are reinsurance contracts which cover catastrophic losses to insurers or reinsurers, but only when industry-wide losses from a specific catastrophe reach certain pre-specified levels. The total catastrophe loss figures used in industry loss warranties for U.S. catastrophes are typically specified as those issued by ISO’s PCS unit.
PCS is a source for estimates of insured property losses arising from catastrophes within the United States, Puerto Rico, and the U.S. Virgin Islands. For each catastrophic event, it provides total and state-by-state estimates for personal and commercial property and auto physical damage losses.
“PCS’ loss estimates and loss database enable Collins not only to share catastrophe information with our clients but also helps them find additional reinsurance capacity through industry loss warranties,” commented Stefano Nicolini, a vice president in Collins’ New York office who is active in arranging industry loss warranties. “This agreement provides us with access to comprehensive information on U.S. catastrophic events over the past 60 years.”
Collins, established in 1987, serves clients in the property/casualty, life, and accident & health insurance markets.
Was this article valuable?
Here are more articles you may enjoy.