9 April 2018Insurance

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."

Join us at Intelligent Automation in Insurance - April 26th 2018, London:  Book now.

More of today's news

Maiden explores strategic options

Chubb CEO Greenberg sees “tremendous opportunity” in middle market, SMEs

Insurtech M&A deal volume triples in Asia

Sompo bolsters US operations with AIG and AXIS hires

Munich Re-backed insurtech Wrisk expands leadership team

TransRe strengthens leadership in US, LatAm and Asia

Don't miss our insurtech email newsletter - sign up today

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

News
8 February 2017   Bermuda-based reinsurer Tokio Millennium Re (TMR) has acquired the license for the casualty catastrophe modelling solution Oortfolio of California-based Insuretech analytics company Praedicat Solutions.
Insurance
4 October 2016   InsurTech analytics company Praedicat has released a new liability insurance risk modelling platform, which it claims will allow insurers to use so-called forward-looking modelling.
Insurance
16 May 2018   XL Catlin has created insurance solutions to support the adoption of autonomous technologies.