Guide to Catastrophe and Noncatastrophe Insurance Loss Reporting

This guide details the methodologies and processes utilized by Property Claim Services (PCS) for catastrophe and noncatastrophe insurance loss reporting. It outlines the history and development of PCS since its inception in 1949, emphasizing its role as a leading source of independent loss estimates across various regions including the United States, Canada, Mexico, and Turkey. The document explains how PCS designates catastrophe events based on specific financial thresholds and describes the comprehensive data collection process that involves primary insurers and other stakeholders. Additionally, it covers the types of losses included in PCS estimates, such as personal property and commercial property claims, while clarifying exclusions like uninsured property damage. The guide also addresses the complexities involved in reporting losses from events affecting multiple countries and the issuance of catastrophe bulletins that provide detailed loss estimates and claim counts. Overall, it serves as a comprehensive resource for understanding PCS's approach to loss estimation in the insurance industry.