To help clients address changing liability insurance needs, XL Catlin has enlisted Praedicat, an InsureTech analytics company based in Los Angeles, California, and its emerging risk models and software for casualty insurance. The multi-year engagement will include access to Praedicat's latency risk model and mass litigation scenarios, its software on emerging risks called CoMeta, and Oortfolio, its portfolio modeling software.
Praedicat's models and software analyze risks that emerge over time, called "latent" risks, since these risks can build up in an insurer's portfolio. The most prominent historical example is asbestos, which cost the industry almost $100 billion and continues to generate losses today. Concerns about the "next asbestos" abound, such as nanotechnology, hydraulic fracturing, plastics and pesticides. Praedicat has developed an AI-based technology for summarizing scientific literatures around health and environmental risks for commercial products and business practices. The technology is used to identify and track the science for hundreds of emerging risks, simulate mass litigation from the emerging risks, and profile the companies exposed.
"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."
According to David Brooks, XL Catlin’s Global Head of ERM, Man-Made Perils, "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."
"Praedicat's solution is not a risk avoidance approach, it is a risk understanding approach," said Ms. Bewlay. "This was critically important to us as we are here to support our clients' needs for coverage, which means risk engagement not avoidance."
"XL Catlin is one of the insurance industry's most innovative companies," said Robert Reville, Praedicat CEO. "We've been impressed with the creative ways they are applying our products. We are delighted to work with them."
About XL Catlin’s Insurance Operations
XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally. Businesses that are moving the world forward choose XL Catlin as their partner. To learn more, visit xlcatlin.com.
About XL Catlin
XL Catlin is the global brand used by XL Group Ltd (NYSE:XL) insurance and reinsurance companies which provide property, casualty, professional and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. Clients look to XL Catlin for answers to their most complex risks and to help move their world forward. To learn more, visit xlcatlin.com.
About Praedicat, Inc.
Praedicat, Inc. is dedicated to improving the underwriting and management of casualty risk. Praedicat is the World’s First “Liability Cat” Modeling Company. Praedicat is an independent corporation launched in March 2012. To learn more, visit praedicat.com