(Image credit: pngcm03.)
Sompo International (Pembroke, Bermuda), a global specialty provider of property and casualty insurance and reinsurance, has selected AIR’s (Boston) casualty analytics platform, Arium, to better understand and quantify its liability and loss potential across multiple commercial liability lines of business. AIR Worldwide is a subsidiary of Verisk (Jersey City, N.J.).
“By leveraging Arium, we’re able to gain new insights into the nature of our liability exposures and the types of events and threats that can impact our portfolio,” comments Paul McEwan, risk analytics director, Sompo International. “The Arium platform helps us to identify accumulations of exposures that may otherwise appear independent and to assess the quantum of risk associated with them. As a result, we can make informed decisions to increase the resilience of the portfolio in the face of an uncertain and unpredictable risk landscape and to more efficiently and robustly deploy our risk capital.”
Sompo International is using the Arium solution for multi-line liability risk analysis, and AIR is also offering portfolio data coding services to Sompo International that include unique corporate identifiers and geocodes, according to an AIR statement. AIR reports that it is also providing dedicated training and support that will enable Sompo International to more effectively identify casualty scenarios to model and, by leveraging historical data and AIR’s expert judgment, parameterize and perturb those scenarios.
“Arium is a powerful exposure management application designed to help companies like Sompo International evaluate liability accumulations and run casualty risk scenarios,” comments Robin Wilkinson, senior VP and managing director of casualty analytics, AIR Worldwide. “We’re pleased to be working alongside Sompo International over the past two years. Sompo International has a clear and innovative approach to calculating casualty exposures, and our Arium solution has supported the company to implement this approach, enrich its data, and provide more sophisticated risk analysis. By adopting liability risk analysis, Sompo is tackling critical issues in the industry with a reliable methodology, providing a competitive advantage.”
Important Component of Risk Management Framework
“The Arium solution is an important component of our overall risk management framework and, taken together with the support and insight that the Arium team provides, will substantially improve our ability to understand, manage, and mitigate liability risk,” comments Satyan Sawhney, deputy CRO and head of risk analytics, Sompo International.