Bermuda-based property and casualty re/insurer Sompo International has begun using Arium, the casualty analytics platform from AIR Worldwide, to better understand and quantify its liability and loss potential across multiple commercial liability lines.
As part of the collaboration, AIR is also offering portfolio data coding services to Sompo International that include unique corporate identifiers and geocodes.
Additionally, AIR is providing dedicated training and support that will enable Sompo International to more effectively identify casualty scenarios to model, and to parameterise and perturb those scenarios.
“By leveraging Arium, we’re able to gain new insights into the nature of our liability exposures and the types of events and threats that can impact our portfolio,” said Paul McEwan, Risk Analytics Director at Sompo International.
“The Arium platform helps us to identify accumulations of exposures that may otherwise appear independent and to assess the quantum of risk associated with them,” he continued.
“As a result, we can make informed decisions to increase the resilience of the portfolio in the face of an uncertain and unpredictable risk landscape and to more efficiently and robustly deploy our risk capital.”
Robin Wilkinson, Senior Vice President and Managing Director of Casualty Analytics at AIR Worldwide, also commented: “Arium is a powerful exposure management application designed to help companies like Sompo International evaluate liability accumulations and run casualty risk scenarios.”
“We’re pleased to be working alongside Sompo International over the past two years,” Wilkinson added. “Sompo International has a clear and innovative approach to calculating casualty exposures, and our Arium solution has supported the company to implement this approach, enrich its data, and provide more sophisticated risk analysis.”
“By adopting liability risk analysis, Sompo is tackling critical issues in the industry with a reliable methodology, providing a competitive advantage.”
Satyan Sawhney, Deputy CRO and Head of Risk Analytics at Sompo International, further stated: “The Arium solution is an important component of our overall risk management framework and, taken together with the support and insight that the Arium team provides, will substantially improve our ability to understand, manage, and mitigate liability risk.”