PCS Launches Global Cyber Industry Loss Index
Property Claim Services(R) (PCS(R)), a
From the inception of PCS Global Cyber in
According to
Johansmeyer continued, "The launch of cyber catastrophe loss estimates provides another mechanism for fueling industry growth through ILW [industry loss warranty] trading, especially when it comes to accessing capital markets capacity."
Aritra Chatterjee, chief underwriting officer for Envelop Risk, said, "The industry has so far struggled with converging to a standard cyber event definition, which is often difficult to achieve without an independent third party opining on what constitutes an event and the quantum of it. With PCS filling the gap, several possible structures can be offered in the reinsurance market. We're excited about this opportunity."
Expanding the specialty lines approach developed initially for PCS Global Marine and Energy(TM), PCS will be able to drive more specialty lines risk loss aggregation solutions to market faster, providing insurers and reinsurers with greater flexibility, a deeper understanding of loss events, and improved response when an incident occurs.
The global insurance and reinsurance industry's response to the launch of PCS Global Cyber has been quite strong. Developed with ongoing support from a wide range of sector stakeholders, the solution has already received considerable support.
PCS Global Cyber has estimates for 13 affirmative events, with 7 coming since the launch of the service a year ago. Additionally, it now includes an industry cyber catastrophe loss for Petya/NotPetya. The full historical database is complete and ready for use, as is the process for developing future estimates.
Beginning in 2017, PCS entered the global specialty lines space, launching PCS Global Marine and Energy, PCS Global Cyber, and PCS Global Terror(TM) (in the first quarter of 2018).
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