Emerging risk analytics company Praedicat has announced the launch of its new Risk Scenario Analysis Platform.
Praedicat says the platform is designed to widen the cross-line clash scope of its scenario suite, as well as make it easier for syndicates at Lloyd’s to produce compliant reports on the six recently-created liability scenarios.
It achieves this by allowing clients to access a number of emerging risk liability clash scenarios before uploading their casualty book to the platform, to help better understand how they’re exposed.
“With social inflation driving a surge in mass litigation in the United States, it is more important than ever to monitor aggregations of latent casualty risk. Praedicat’s newly released emerging risk scenario analysis platform can help,” said Robert Reville, Praedicat’s CEO.
“We plan to release new scenarios on the platform throughout 2021, including a set of climate liability scenarios later this year.”
The scenarios developed specifically with Lloyd’s are designed to help make reporting on the marketplace’s scenarios straightforward and efficient.
The six liability scenarios were originally produced by Lloyd’s in response to mounting regulatory focus on how insurance companies are managing their exposure to man-made risks.
“Praedicat’s risk scenario analysis platform helps syndicates choose appropriate scenarios to report to Lloyd’s based upon the book that the syndicate writes,” said Lauren Restell, Director, Rating & Regulatory Affairs at Praedicat.
“Our bottom-up approach goes further to identify company and industry scenario risk drivers, delivering actionable insights to decision makers while simultaneously meeting all of Lloyd’s reporting requirements.”