PCS Launches Industry Loss Index and Estimates for Global Aviation

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As part of the latest rollout of new products in its specialist insurance and reinsurance claims reporting services, Property Claim Services (PCS) will now provide data on aviation-related claims worldwide .

The new PCS Global Aviation service is officially launched today and historical insured loss information will already be available to subscribers, while the platform is also ready to support risk transfer transactions from the start.

The service focuses on airlines and general aviation, while providing granularity by industry for each event, enabling improved risk and capital management decisions.

PCS Global Aviation focuses on events with estimated losses in the industry-wide insurance market of at least US $ 50 million and also includes loss estimates for general aviation events when readily available.

PCS said it has seen strong market demand for an industry independent insured loss estimation solution for this business category.

Market players in Bermuda, London and other key insurance or reinsurance jurisdictions have contacted PCS and offered their support to help develop and launch this new collection of aviation industry data.

The database includes industry-wide insured losses, with breakdowns by activity category, as well as flight numbers, tail numbers, departure and arrival airports, as well as age of the aircraft concerned.

PCS has already launched dedicated line industry loss data services covering marine and energy, cyber risk, terrorism risk and large global losses and of course remains the data service, of Most widely used disaster loss index and report.

PCS Global Aviation is the latest and, like other services, will provide utility to the insurance-related securities (ILS) space, especially those that allocate capital to reinsurance or retrocession lines of the industry. ‘aviation.

These services can support reinsurers’ risk and capital management efforts and decision making, as well as reinsurance and retrocession risk transfer, including in ILS forms such as industrial loss guarantees (ILW) and catastrophe bonds.

Alex Mican, Senior Director of PCS Product Development, commented on the launch: “The value of a historic database, especially in the aviation industry, is unmistakable. Passing risk today requires benchmark events from the past, and our clients are committed to helping us deliver a robust data set with more than four decades of losses. Through continuous feedback and market collaboration in the development of PCS Global Aviation, we have reduced the uncertainty that typically accompanies new product adoption and presented credible estimates to our customers.

Ted Gregory, Director of Global Operations for PCS, added, “Our customers have been asking for a solution for the global aviation industry for some time now, and PCS Global Aviation represents many years of effort from our team and the market. High and ongoing levels of engagement and collaboration with clients has resulted in a collection of over 200 past events and the ability to add more in line with our methodology. PCS brings the tool to market, but the credit for its development goes to the customers who have supported us every step of the way.

Tom Johansmeyer, Director of PCS, explained that with PCS Global Aviation, more data is coming, which will improve PCS ‘approach to leased lines.

“Independent estimates of industry-wide insured losses are critical to the core operations of the re / insurance industry. And since we can increase the granularity, we can help our customers solve more problems. Throughout the development process, we have found that the basic understanding of aviation insured losses around the world is patchy and inconsistent, inevitably leading to inefficient pricing and imprecise risk transfer, ”he said. Johansmeyer said.

He added: “The PCS team sees the launch of PCS Global Aviation not only as a new capability, but as validation that our focus and priorities are in the right place. It’s always exciting to see the market come to PCS first when it needs a solution – and it’s even more exciting to see this effort culminate in a new launch. I would like to thank our collaborative partners for once again expressing their faith in PCS in such a tangible way.

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