Praedicat launches first casualty liability model
RMS backed Praedicat has launched the first casualty liability model which provides analytics for casualty risks to the global financial services industry.
CoMeta, uses cloud-based software to translate large volumes of scientific information into data.
“Traditionally, insurers rely on claims data, which is looking backward,” said Robert Reville, CEO of Praedicat. “CoMeta uses big data technology to help our clients look forward, scalably translating the text of millions of peer-reviewed articles into data our clients can use to write casualty insurance and reinsurance sustainably and profitably.”
James Thomson, the company’s chairman said that the new model represented “an innovative approach to risk modelling”.
Hemant Shah, co-founder and CEO of RMS and a director of Praedicat said: “Property insurance has been transformed by catastrophe risk modelling. CoMeta represents a real breakthrough for the industry and the beginning of an exciting time for commercial casualty insurance and related capital markets.”
Praedicat, which was launched in March 2012, raised an additional $4 million of funding from its original investors to support continued growth and development.
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