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Catastrophe loss data service launched for Turkey

Catastrophe loss data service launched for Turkey

Verisk Analytics Inc.’s Property Claim Services unit has teamed with a Turkish consulting firm to provide loss estimates for catastrophes in Turkey.

Jersey City, N.J.-based Verisk announced Wednesday that it would provide industry-wide loss estimates for events throughout Turkey via PCS Turkey to insurers, reinsurers and other risk professionals. Verisk is partnering with Istanbul Underwriting Center to offer the service.

PCS Turkey will use projected ultimate loss estimates from insurance industry participants to aggregate industrywide loss and estimated claim counts by zones determined by the Catastrophe Risk Evaluating and Standardizing Target Accumulations organization for events caused by natural and man-made perils, Verisk said Wednesday in a statement.

Turkey has a significant earthquake exposure. Most recently, it suffered a 7.2 magnitude quake in 2011.

Events with at least $10 million in projected insured property losses will receive catastrophe designation, according to the statement.

The reports issued by PCS Turkey will include loss estimates for residential buildings and their contents, residential and commercial auto, and commercial buildings, contents and business interruption, Verisk said.

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