A group of US re/insurers have formed Helix, an advisory board which will be facilitated by re/insurance education and research provider The Institutes.
Initially building on work to implement open common data standards for catastrophe risk analytics, Helix aims to advance the industry’s capabilities through pursuing hazard and resilience research on climate change and advocating for innovation in insurance products and economic responsiveness.
It will also focus on data standards, data content/interpretation/quality, and industry-level data resources, along with transparency in technology models and analytics, Insurtech innovations, and technology solutions.
Helix will primarily serve the US market while collaborating with parallel efforts addressing catastrophe risk analytics issues globally, such as those undertaken by the Insurance Development Forum and the Open Data Standards Initiative.
The insurance industry is increasingly challenged to provide economic resilience in the face of shifting patterns in demographics, risk concentrations, and climate hazards, and the consequential escalation in natural catastrophe loss volatility.
These challenges are pronounced for companies insuring interests in the US, a significant marketplace with broad, varied, and acute catastrophe exposure.
Helix will contribute to global, communal efforts to improve fundamental operating issues in catastrophe risk analytics practices to better address these challenges.
Sean Ringsted, Chief Risk Officer, Chubb commented: “It is clear there is a desire for an industry-wide, cooperative effort focused on resilience from natural catastrophes. We’ve received strong interest in creation of Helix, and look forward to welcoming the participation of additional organisations.”
Peter Miller, President and CEO of The Institutes added: “Helix is an opportunity for The Institutes to facilitate bringing the industry together and to serve as a neutral third party in work on this important issue that ultimately benefits the general public. We are excited to help coordinate this effort focused on mitigating the adverse effects of natural disasters.”
