Aon has expanded its partnership with Praedicat, a liability emerging risk analytics and modeling company.
As part of the renewal Aon will be provided with new tools to advise clients on the transfer and mitigation of complex and evolving liability risks, including those associated with climate, microplastics and nanotechnology.
In 2020, Aon and Praedicat partnered to develop reinsurance products for specific perils.
This latest expansion will allow Aon to deliver emerging casualty risk portfolio analytics directly to clients and collaborate on the design of new reinsurance products to transfer such risks to the reinsurance, run-off and capital markets.
Once new risks are identified, quantitative models will translate the data into estimates of the risk of loss. These models can be used to identify historical and future reinsurance coverage gaps.
Aon says: “While property catastrophe exposures are at the forefront of many reinsurers’ strategic approach, two of the three largest loss events in the history of the property casualty sector were due to casualty emerging risks – related to asbestos and the environment.”
Amanda Lyons, US casualty strategic growth leader for Aon’s Reinsurance Solutions, comments: “We are excited to expand our collaboration with Praedicat.”
She adds: “Emerging risks are always a key concern for our casualty clients and with Praedicat’s tools and insights integrated into Aon’s suite of reinsurance solutions, we can provide our clients with the resources they need to navigate volatility and build resilience in today’s complex liability environment.”
