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MSA Research teams up with ISO to launch Canadian industry-wide loss data service


March 16, 2010   by Canadian Underwriter


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ISO has teamed up with MSA Research Inc. to launch Property Claims Services (PCS), an industry-wide loss calculator, in Canada.
PCS-Canada service will enable insurers, reinsurers, brokers and other industry stakeholders, to receive industry-wide data about Canadian catastrophes, including man-made and extreme weather events.
The service is being launched with the support of the Insurance Bureau of Canada and the Institute for Catastrophic Loss Reduction, and the endorsement of the Reinsurance Research Council.
PCS-Canada will enable insurance companies to benchmark their respective claims against industry averages and assist in ensuring the adequate purchase of reinsurance coverage, an ISO release says.
The service is based on a similar system that ISO manages in the U.S. ISO’s catastrophe risk service is run by its PCS unit, which has identified catastrophe events and compiled insured property loss estimates for U.S. insurers and reinsurers since 1949.
“Since the Canadian property/casualty insurance industry lacked a single, comprehensive catastrophe claims service, many insurers have relied on their own or incomplete industry catastrophe loss data as the basis for their underwriting, loss reserving and reinsurance decisions,” said Gary Kerney, assistant vice president of ISO’s PCS unit.
“The Canadian insurance industry has been experiencing an ever-increasing frequency of extreme and costly weather events,” said Joel Baker, CEO of MSA Research Inc.
“The PCS-Canada service will enable insurers, reinsurers, and others to benefit from a robust collection of data and refined analysis about such events and loss trends.”


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