The Hanover Insurance Group is going live with a new program designed to help reduce distracted driving among teenagers. Catastrophe modeling firm AIR Worldwide is working with reinsurance broker Capsicum Re to improve the insurance industry’s modeling of so-called “silent” cyber incidents. A division of Aon is rolling out its Public Private Enterprise specialty practice.
The Hanover Insurance Group launched a new program designed to reduce distracted driving among teenagers.
Dubbed SafeTeen, the initiative offers education, rewards and savings for new drivers and their parents. The program also provides the insurer’s agent partners a full suite of education and discount options to offer customers who add teen drivers to a policy.
Program features include a safety course for new drivers and then discounts on the respective policies once the program is completed. There is also a SafeTeen app (with technology from TrueMotion) that lets parents monitor their teens’ driving behaviors. Teens, in turn, get an overall driving score based on distracted driving, speeding, hard braking and time of driving activities, and parents can coach their teens on safe driving habits. Use of the app also gives parents a discount on their auto policy, and teens demonstrating safe driving behaviors may qualify to receive Amazon rewards.
SafeTeen also lets parents add a $2,500 deductible to vehicles not usually driven by their teens, reducing the premium payment on their policies. If a teen gets into an accident in one of the cars with the SafeTeen deductible, the additional deductible will be applied.
Catastrophe modeling firm AIR Worldwide is working with reinsurance broker Capsicum Re to improve the insurance industry’s modeling of what many refer to as “silent” cyber incidents.
As part of the collaboration, the two firms will identify which non-cyber lines of business and industries are more likely to be exposed to silent cyber-related losses. The result of this collaboration is expected to expand the availability of models that simulate the impact of incidents that could cause silent cyber-related losses, AIR said in a statement.
AIR continually collects data on cyber risk to inform its cyber risk models, and the addition of Capsicum Re’s expertise is expected to result in models that provide unique insights for identifying and evaluating silent cyber exposures.
Capsicum Re said it has adopted AIR’s cyber risk modeling and analytics platform, ARC, which includes a wide range of cyber scenarios and models to help deliver sophisticated insights to its insurance portfolios.
The silent cyber models are expected to be available in upcoming versions of ARC and through Capsicum Re’s broking service.
Aon’s Reinsurance Solutions is rolling out its Public Private Enterprise (PPE) specialty practice.
The new division will focus on building a resource that provides advice, services and products to entities with insurable protection gaps, including governments. The PPE practice will be in London, focusing on terrorism and natural hazard risk. It will also integrate with Aon’s Credit & Guarantee and Government practice in the U.S as well as Aon Securities to provide a single global offering in the government space.
The PPE practice has been launched in recognition of the importance of addressing the insurance protection gap globally; it will work with a range of Aon teams – including Impact Forecasting’s catastrophe modeling developers – to identify opportunities to develop coverages and engage with the industry to build post-loss resilience within economies.
Sources: The Hanover Insurance Group, Aon Risk Solutions, AIR Worldwide/Capsicum Re