Hiscox picks Praedicat for London Market casualty risk modelling
Specialist insurer Hiscox has partnered with liability risk analytics software company Praedicat for its artificial intelligence-driven liability cat risk modeling platforms for use within its London Market casualty business.
Through this partnership, Hiscox aims to enhance its risk analytic capabilities to identify potential future risks, manage its aggregations, and optimise its portfolio of business.
The insurer will be able to assess the impact of latent liability exposures to its book of business and stress test its portfolio against Praedicat’s library of 88 latent liability RDS and XDS scenarios. Hiscox will also use Praedicat’s Portfolio Underwriting and Aggregation Monitoring workflows to identify emerging risks, and to evaluate and benchmark individual account risk
Craig Knightly, casualty division director at Hiscox London Market, said: “Praedicat provides Hiscox with the ability to strategically assess our existing portfolio to manage our exposure while also being able to stress test the book against Praedicat’s liability cat scenarios, such as opioids, the COVID-19 pandemic, and PFAS, to name a few. We are always looking to gain more insight into the risks our clients are exposed to and Praedicat will undoubtedly be a valuable additional tool in our day-to-day underwriting.”
Grant Dewar, senior vice president, global head of sales at Praedicat, said: “Praedicat’s CoMeta and Oortfolio products provide insurers with the ability to manage their casualty risks more effectively and forward-plan their portfolios against emerging risks. We are delighted that Hiscox has chosen to partner with Praedicat to manage its London Market casualty business.”
Bob Reville, Praedicat co-founder and CEO, added: “It is a privilege to gain the acceptance of Hiscox for casualty risk management. I’ve admired Hiscox’s innovative products and its market-leading exposure management and underwriting expertise for many years. We are honored that as they grow their casualty business, they have turned to Praedicat to partner in managing emerging risks.”
