Emerging risk analytics specialist Praedicat has developed a new platform called Risk Scenario Analysis to help syndicates at Lloyd’s understand how their existing book of business is exposed to emerging risks and to produce compliant reports on six specific liability scenarios, as required by the market.

The six liability scenarios created by Lloyd’s are: financial product misselling (UK), financial market manipulation (US), pharmaceutical product (US), construction product global, chemicals in food (US) and offshore/onshore energy (US).

In addition, the risk scenario analysis platform allows clients to access a range of other emerging risk liability clash scenarios, including COVID-19 liability, PFAS (per- and polyfluoroalkyl substances) drinking water contamination litigation, building product litigation, mobile phones and next generation opioids.

Clients can upload their casualty book into the platform to understand how their casualty business is exposed to these emerging risk scenarios.

Lauren Restell, director, rating and regulatory affairs at Praedicat, said: “Praedicat’s risk scenario analysis platform helps syndicates choose appropriate scenarios to report to Lloyd’s based upon the book that the syndicate writes.”

Kirsten Mitchell-Wallace, head of portfolio risk management at Lloyd’s, added: “Understanding casualty risk to enable effective exposure management is a priority focus area for Lloyd’s in 2021 and beyond. It is great to see new tools being developed to build an emerging risk framework to dynamically identify, monitor and manage future casualty accumulations.”

Share Story: