Emerging Liability Risks: Harnessing big data analytics
Lloyd’s has published a report that shows how insurers can use big data to carry out more robust liability risk management.
14 Oct 2015
Emerging Liability Risks: Harnessing big data analytics
The report – Emerging Liability Risks: Harnessing big data analytics – presents a new approach designed by liability catastrophe modelling company Praedicat Inc.
DownloadThis report also 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.