Risk insight through research is central to Lloyd’s commitment to be a market where entrepreneurialism and innovation will thrive, underpinned by robust risk and performance management.
Here you will find reports commissioned by Lloyd’s which examine emerging risks and key issues in the understanding of risk, together with details of the Lloyd’s emerging risks team.
Lloyd’s has published a report that shows how insurers can use big data to carry out more robust liability risk management.
The report – Emerging Liability Risks: Harnessing big data analytics – presents a new approach designed by liability catastrophe modelling company Praedicat Inc., and helps insurers tackle the four key challenges associated with understanding emerging liability risks:
- Identification: recognising an emerging risk before it manifests as a loss or claim
- Contextualisation: comparing the size of risks, both relative to other emerging risks and to previous risks
- Projection: converting an emerging risk from the context in which it is identified, such as scientific literature, into an exposure-relevant context, such as companies and portfolios
- Quantification: estimating the expected loss from an emerging risk
The report is part of Lloyd’s on-going research into different ways of reducing uncertainty in this area.
Download the report