Aon launches next generation capital modelling platform
Aon Benfield has launched ReMetrica Version 7.0 – its next generation platform for risk and capital modelling. Following Solvency II and equivalent regulation, insurers are demanding more value from their investment in capital models. This trend is seeing a shift in how actuaries, catastrophe modellers and other risk analysts use models from primarily identifying solvency capital requirements to exploring wider financial strategies such as asset allocation and business optimisation.
To create a more sophisticated and robust platform that caters for these increased requirements, Aon Benfield has re-written the coding behind ReMetrica. ReMetrica was initially released in 2000 and currently has 1,500 users globally, modelling US$400 billion of capital.
ReMetrica Version 7.0 is helping to transform the role of actuaries by introducing a new more efficient and scalable way of working. In practice, this initial release in the series means analysts will now be able to run models more quickly and efficiently taking advantage of increased hardware capabilities.
Enhanced reporting capabilities allows users to design reports more easily in ReMetrica within the programme; enable statistical analysis to be used by other colleagues in the firm such as the C-Suite or finance more seamlessly; easily convert existing models into v7 without the need to re-build due to backwards compatible capability; access an updated user interface with a slicker look and feel to simplify model building; and customise models with more powerful Python programming.
The launch is the first step in the development timeline as extra functionality becomes available throughout 2016, including enhanced model management and version control, new components and a results viewer to widen the scope of those benefitting from the outputs.
ReMetrica Version 7.0 is created by expert development teams in London and Singapore. The latter, part of the Aon Center for Innovation and Analytics, was created two years ago to support the new version and to deliver new features more quickly.
XL Catlin adds Active Assailant solution to its Crisis Management suite
XL Catlin has introduced Active Assailant coverage to its Crisis Management product suite to respond to the threat of physical attack faced by businesses and public service providers.
“Active Assailant coverage will initially be underwritten in the UK, US, Germany and Asia Pacific covering clients globally. The solution is designed to help organisations with the financial impacts of Active Assailant events ranging from business interruption, denial of access through to medical expenses and business rehabilitation costs,” said Mr Stephen Ashwell, XL Catlin’s Chief Underwriting Officer for Crisis Management.
Importantly, this coverage is broad, and responds to premeditated events, which is a key differentiator. XL Catlin believes there will be significant demand for the solution and has added additional capacity to support its development.
BI coverage as well
As well as providing coverage for standard Property damage, Active Assailant coverage also provides coverage for Business Interruption including a determination by authorities that the Insured’s operations have to cease at their current location.
Business Interruption coverage can be extended to include Denial of Access and Civil & Military authority coverage, which occurs when access and/or use of a facilities is either impaired or prohibited for a period of time following an Active Assailant event. The new endorsement also provides enhanced Extra Expense coverage, which may include expenditures related to public relations assistance, relocation, counselling and/or psychiatric care, medical expenses, additional security and job retraining.
Allianz General’s new plans to address changing geo-political situation
Allianz General (Malaysia) has launched four new products – Terrorism and Political Violence Insurance, Automotive Recall Policy, Allianz Global Pro Plus and Environment Protect – to address new risks and threats to assets and human capital of business entities caused by the volatile geo-political landscape.
Terrorism and Political Violence Insurance covers all types of business segments such as conventional power plants, construction projects, oil and gas facilities, real estate and warehouses. Acceptance limits are up to MYR443 million (US$114 million) per policy.
Automotive Recall Policy caters to manufacturers of automotive and distributors of component parts, up to MYR221 million per policy and covers third party recall expense, governmental recall expense and crisis management fees and expenses.
Allianz Global Pro Plus aims to protect food and beverage, cosmetics, pharmaceuticals and tobacco products against product contamination, whether accidental or deliberate through malicious product tampering.
Environment Protect protects companies in the manufacturing, construction, energy and real estate industries that can be liable for waste discharge violations, emission exceedance or improper disposal practices.