Aon plc has announced that it is expanding its collaboration with liability and emerging risk analytics company, Praedicat. The partnership, formed initially in 2020, was focused on developing 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 and innovative reinsurance products to transfer such risks to the reinsurance, run-off and capital markets,” the firm writes.
“The expanded collaboration will provide powerful new tools for Aon to advise clients on the transfer and mitigation of complex and evolving liability risks, including those associated with climate, microplastics and nanotechnology.”
The firms say the platform uses artificial intelligence and natural language processing to scan millions of scientific and scholarly sources. “Once new risks are identified, quantitative models are created to translate the scholarship into estimates of the risk of loss. These models can be used to identify historical and future reinsurance coverage gaps and provide a basis for the design and implementation of innovative new solutions to close the gaps.”