Aon Benfield has launched the PACE (portfolio accumulation for control and evaluation) platform to help reinsurers monitor the aggregate catastrophe exposure across their portfolios.
By having an enhanced understanding of their exposures, the new tool will enable reinsurers to make better use of their capital and in turn offer more competitive quotes and potentially new lines of business to insurers.
With capital in the market reaching record levels, reinsurers are exploring new business opportunities that match their risk appetite.
In response to this, Aon Benfield has developed PACE to enable reinsurers to evaluate the impact of individual programmes against their existing portfolio.
It will also enable reinsurers to understand their overall accumulation of risks by highlighting which region and perils are most exposed and perform ‘what-if’ analyses.
Adrian McFarlane, PACE’s data architect at Aon Benfield, explained: “Reinsurers need to optimise their business to consequently improve their return on equity which allows them to provide attractive quotes in an increasingly competitive market.”
He added: “PACE combines logic behind the scenes with a simple non-technical interface. It has been designed specifically for underwriters to quickly and easily enhance their decision-making and financial planning when taking on new risks. It also enables reinsurers to set a consistent way of pricing across the firm."
