Carriers can examine prospective business against existing accumulations before making underwriting decisions.
Aon has launched a new analytics tool to help insurers assess how potential new business could affect their existing risk portfolios before deploying capacity.
Underwriting Analytics, part of Aon’s Risk Analytics Platform, allows (re)insurers to assess new risks against existing accumulations and support decisions on underwriting, portfolio management and capital allocation.
The tool provides risk assessments at location, policy and portfolio levels.
It uses Aon’s Global Hazard Scores, supported by its Impact Forecasting catastrophe modelling team, to identify concentrations and emerging exposures.
Insurers can also assess individual locations based on factors including building characteristics and susceptibility to hazards.
This is designed to help them identify growth opportunities whilst staying within their risk appetite.
The launch comes as insurers prepare for the reinsurance renewal season, with the tool intended to link underwriting and reinsurance decisions.
“Growing premium, but adding the right premium in a way that matches an insurer’s unique risk appetite and drives profitable growth is harder,” said George Attard, Aon’s chief strategy officer and global head of analytics, reinsurance.
Underwriting Analytics is delivered through Aon’s Risk Analytics Platform, which combines catastrophe data, vendor models and Aon’s own insights in a model-agnostic environment.
The platform is also integrated with Aon’s Event Analytics and is set to add further capabilities focused on digital infrastructure exposures.