Property Claim Services, NFIP To Report Aggregate Flood Loss Estimates

Property Claim Services (PCS) reported on Thursday that it will publish aggregate flood loss information supplied by the National Flood Insurance Program (NFIP), beginning with Hurricane Harvey. Historically, NFIP losses have been excluded from PCS’ industry insured loss estimates, the Verisk Analytics business noted in a press release. “With this combined effort, PCS loss estimates will provide a fuller view of catastrophe losses across the country.” “PCS and the NFIP agree that this collaboration represents an important step forward for risk and capital management regarding flood risk in the United States, particularly in light of the NFIP’s decision to secure reinsurance protection earlier this year,” PCS said in the release.