istock-675925988_erikona
iStock/ Erikona
16 September 2019Alternative Risk Transfer

Risk trading insurtech AkinovA donates ILS assets to insurance standards-setting body ACORD

AkinovA, an electronic marketplace for the transfer and trading of re/insurance risks, has donated some insurance-linked security (ILS) assets to ACORD, the global standards-setting body for the insurance industry.

The ILS assets will be available to ACORD members as part of the ACORD Data Standards and Architecture, and include data definitions and collection mechanisms related to cyber and catastrophe risk transfer for the re/insurance marketplace.

AkinovA has also handed over regulator-approved sample contracts and policies which will be used to guide the development of ACORD's Global Reinsurance and Large Commercial Standards, including a modularised contract structure and easily accessible summary of all key price-relevant variables.

AkinovA developed these assets as part of its efforts to grow the overall size of the re/insurance market and create an effective secondary market for the re-trading of re/insurance risks. They bring together third-party news, data and analytics from its users and partners.

"While the industry will always have a need to support bespoke contracts, we can also encourage the use of standard protection instruments by making them more accessible and cost-efficient," said AkinovA Co-founder and CEO Henri Winand. "As a trusted, non-threatening, third-party infrastructure provider to all those who wish to use it, we have been able to rapidly iterate and integrate feedback from a range of competitors happy to share information with us."

ACORD president and CEO Bill Pieroni, added: "In the global insurance ecosystem, standardised data exchange is, and will continue to be, a key enabler of material growth across all lines of business. We were impressed to see that AkinovA truly understands that standards are key to support sustainable, profitable growth. Their efforts to enable a secondary market to trade risk, and to handle more dynamic emerging lines – such as cyber- and climate-related risk – will benefit our members and the clients they serve."

AkinovA expects this library of standard protection instruments to grow to other lines of business across the ILS market and beyond.

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

​Lloyd's managing agent Vibe closes business units blaming tough market Dorian losses for the US projected at $500m-$1.5bn: RMS

AXA XL promotes trio to grow UK book of business

Newly-formed Commonwealth Insurance Forum aims to champion the industry

New insurtech launches underwriting-as-a-service platform

Feature:  10 ways insurers are using insurtech to drive new business

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
24 July 2020   AkinovA hosted its first ‘Ask The Experts’ private event and Q&A evening in May, bringing together some of the insurance, forensics, capital markets, modelling and legal industries’ leading experts on cybersecurity. Bermuda:Re+ILS summarises some of the points made at the event.
Alternative Risk Transfer
8 September 2019   As cyber risk has an increasingly pervasive influence on the insurance market, the industry needs to find a better way to cover it. The solution could be finding a way to make it tradeable, Henri Winand, chief executive officer of AkinovA, an independent electronic marketplace for the transfer and trading of insurance, reinsurance and insurance-linked securities (ILS) risks, told Monte Carlo Today.
Insurance
15 August 2019   AkinovA, an electronic marketplace for the transfer and trading of re/insurance risks, has appointed founder and former CEO of Tokio Millennium Re Tatsuhiko Hoshina to join its advisory board.