XL Catlin partners with insurtech Praedicat for emerging casualty risks
XL Catlin has enlisted California-based insurtech analytics company Praedicat to help address changing liability insurance needs using its emerging risk models and software for casualty insurance.
The companies have entered into a multi-year engagement that includes access to Praedicat's latency risk model and mass litigation scenarios, its software on emerging risks called CoMeta and its portfolio modelling software Oortfolio.
Praedicat's models and software analyses "latent" risks, which emerge over time and can build up in an insurer's portfolio, the most prominent example is asbestos, which cost the industry almost $100 billion and continues to generate losses. The company said that nanotechnology, hydraulic fracturing, plastics and pesticides are some of the potential emerging risks. Praedicat has developed an AI-based technology to analyse health and environmental risks for commercial products and business practices.
"XL Catlin is committed to insuretech innovation, to market leadership in data and analytics for underwriting, and to state-of-the-art enterprise risk management,” said Nancy Bewlay, global casualty chief underwriting officer. “Working with Praedicat allows us to advance all three goals.
"Praedicat's solution is not a risk avoidance approach, it is a risk understanding approach. This was critically important to us as we are here to support our clients' needs for coverage, which means risk engagement not avoidance," Bewlay added.
David Brooks, XL Catlin’s global head of ERM, man-made Perils, commented: "XL Catlin has developed a broad range of risk scenarios for property and casualty. The hardest area to build them and keep them realistic is in liability where new technologies are emerging, and the world is always changing. We were impressed with Praedicat's science-based approach to the problem."
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