Willis Towers Watson unveiled a slew of new analytic tools targeted to cyber and other risks. An Ironshore arm beefed up its director’s and officers liability coverage for financial institutions in the U.S. GEICO launched ridesharing insurance in Washington, D.C. AIR Worldwide started selling the first of what will be many open source deterministic cyber risk scenarios.
Willis Towers Watson launched a number of new analytical tools designed to help firms proactively manage cyber, natural catastrophe and workers compensation risks.
The firm’s Cyber Quantified tool helps to quantify an organization’s risk due to privacy breach. It also helps measure the impact of a cyber event and how likely a network outage would be if it takes place.
Willis Towers Watsons’ Workers Compensation Diagnostic helps firms quantitatively evaluate claim experience and then benchmarks the results against a customized peer set. The model created from this tool also values the corresponding savings potential from improvements to operations and how this would impact financials.
The revamped Global Peril Diagnostic is designed to help organizations evaluate natural catastrophe exposures through their entire property portfolio. It is used through a web-based platform and features maps that display property locations with site level scores for 12 natural perils. As well, it also now uses global hazard data from Munich Re’s Natural Hazards Assessment Network.
Ironshore’s Pembroke Managing Agency Ltd. beefed up its director’s and officer’s liability product for financial institutions in order to reflect new regulation in the U.K.
Pembroke Lloyd’s Syndicate 400 expanded liability coverage offered through its Financial Institutions division to protect individuals that perform senior management functions.
The changes are meant to address the Senior Managers Regime as dictated by amendments to the Financial Services & Markets Act that empower regulators to determine what responsibilities are senior management functions.
GEICO launched its new low-cost ridesharing product in Washington, D.C.
The policy is now available in 16 states, and the D.C. launch follows similar initiatives in Virginia and Maryland.
The DC policy offers comprehensive coverage for Uber, Lyft Split and other on-demand service drivers doing business in the Greater Washington Metropolitan area.
Specifically, the coverage replaces the driver’s personal auto policy and provides cover for both personal and ridesharing use, whether or not the driver is logged into the transportation network company’s app.
AIR Worldwide sit it has launched the first of what will be a series of open source deterministic cyber risk scenarios.
The cyber scenarios, which will be unveiled over the next 12 months, are designed to be used along with AIR’s data schema. As envisioned, they’ll provide practical examples to help insurers or reinsurers perform deterministic scenario modeling for their books of business.
AIR said its first cyber scenario will involve a major cloud service provider that has downtime for several days, an event that leads to major business interruption losses for its customers. Such a problem could lead to big aggregation risks within an insurer’s books.
AIR Worldwide, a Verisk Analytics business, has also expanded its cyber risk consulting practice to help clients augment the cyber exposure information in their existing books of business. As well, the endeavor will help companies understand their cyber risk by producing custom reports on aggregation risk and breach probability.
Sources: Willis Towers Watson, Ironshore, GEICO, AIR Worldwide