Global risk and reinsurance specialist Guy Carpenter on Monday announced the launch of the Financial Institutions and Cyber components of its GC ForCas casualty catastrophe modeling platform.
Guy Carpenter developed GC ForCas, a data-driven stochastic modeling platform, to help insurance carriers better understand their exposure to casualty catastrophe losses resulting from the accumulation of U.S. commercial lines policies.
The platform utilizes a variety of industry sources including Advisen’s large loss database of more than 250,000 historical losses to anticipate the vast number of scenarios and line-of-business dependencies. The first GC ForCas Sudden Disaster component was released in March 2015 and addresses losses from casualty catastrophes such as oil rig explosions that can result in billions of dollars in fines, cleanup costs and other compensation burdens.
Guy Carpenter said the new Financial Institutions component is designed to analyze the effect of casualty catastrophe events originating from financial or similar institutions under the related major insurance lines, including directors and officers, errors and omissions, excess casualty, and fidelity.
The Cyber component has been developed to examine first- and third-party risk at the portfolio level, according to a company statement. Besides data breach, the model also covers privacy liability, network security liability, business interruption and data asset protection.
Source: Guy Carpenter