Why are large aviation and marine losses not considered catastrophes by PCS?
The definition for a naming a PCS catastrophe has two parts: (1) an event must cause more than 10 million in total insured property losses and (2) the event must affect a significant number of policyholders and property/casualty insurance companies. While aviation and marine losses easily surpass the claim threshold, they do not generally affect more than a few policyholders and insurers and do not of themselves have a catastrophic impact on the industry.
