Allianz Global Corporate and Specialty added a new company to its panel of experts that helps businesses minimize post cyber-attack damage. RMS unveiled a new exposure analytics product. Willis Re is making its proprietary hazard data available to clients in a new way. Coastal American Insurance debuted a new policy in Mississippi designed to offer an alternative to the National Flood Insurance Program.
Allianz Global Corporate & Specialty has added BAE Systems to its panel of experts designed to help businesses minimize data loss and reputational damage from a cyber attack.
BAE Systems has worked for some time with governments, nations and businesses to counter cyber-attack threats. As part of its partnership with AGCS, BAE Systems will join Allianz’s Incident Response panel.
In doing so, customers gain access to its GCHO-accredited incident response experts, which enables them to spot and address potential shortfalls and address any breach.
RMS is rolling out Exposure Manager, its new exposure analytics product.
The California-based catastrophe risk management firm said that Exposure Manager will run on its RMS(one) exposure and risk-management platform, and it is being marketed to insurers, reinsurers and brokers.
It is the first product to be released on RMS’s RMS(one) platform, the company said.
RMS said that Exposure Manager, which handles exposure analytics, is designed to give firms a clearer view of their risk accumulations in order to better manage volatility. This is possible through RMS’s integration of its flagship Financial Model, used by its catastrophe models, into Exposure Manager. By doing so, the software gives a consistent view of risk across an organization.
Willis Re said its proprietary hazard data is now available to clients by way of its partnership with SpatialKey, a tech company focused on bundling data, mapping and analytics into apps for insurers.
Willis Re, the reinsurance division of Willis Towers Watson, said its partnership with SpatialKey will help clients access proprietary Willis Re information that focuses on gaps in the market for global perils where no reliable risk quantification tools exist.
This data also points to where Willis Re can help clients boost limited coverage or improve less detailed information, according to the reinsurer.
Territories and perils covered by this range from volcanic risk in Italy, to tsunamis in Japan and flood/storm event assessments in Europe, among other events.
Coastal American Insurance debuted a combined wind and flood insurance policy for policyholders in Mississippi.
The new private flood endorsement is designed to eliminate disputes over concurrent causation, which often erupt when storms hit coastal areas coverage, according to the insurer.
Coastal American’s new policy is also approved in Alabama and will be rolled out in other states as it is approved. It is designed to be an alternative to the National Flood Insurance Program.
Coastal American worked with the WaterStreet Company, which provides operational and technical support for property/casualty insurance carries in the U.S., to bring the endorsement online. There are also functionalities in place for automating the underwriting and policy management process.
Sources: Allianz Global Corporate and Specialty, RMS, Willis Re, Coastal American Insurance.