Lockton Re Selects Verisk U.S. Agricultural Risk Models to Develop New (Re)Insurance Solutions
2024年11月20日 - 5:15PM
Lockton Re, a leading global reinsurance broker, has announced a
strategic collaboration with Verisk (Nasdaq: VRSK), a leading
global data analytics and technology provider, to bring new
(re)insurance products to the market. Lockton Re will use Verisk’s
agricultural risk modeling solutions – including Verisk's Multiple
Peril Crop Insurance (MPCI) and Crop Hail Model for the U.S. – to
understand how climate change and meteorological factors are
impacting crop production and potential insured losses.
Given significant changes
to premium rates and commodity rates, simply relying on historical
losses to assess today’s risk is insufficient for reinsurers and
insurers. Verisk’s models offer comprehensive, scientific and
stochastic insights into the risks facing the U.S. crop industry
today, supporting clients seeking to maximize profitability and
address the challenges of actuarial pricing in the
market.
Verisk’s models,
including the U.S. Crop Hail Model, are unique in that they
simulate hailstorms based on 10,000-year stochastic event catalogs.
Lockton Re will utilise Verisk’s models for the most realistic view
of loss scenarios, factoring in crop genetics, yields, prices,
exposure, weather data, policy conditions and management
practices.
"We’re embarking on a
journey to advance risk management options for the U.S. crop
(re)insurance industry,” said Kris Lynn, senior broker and
agriculture practice leader at Lockton Re. “By incorporating
advanced climate data and understanding the global impact of El
Niño–Southern Oscillation (ENSO) on crop production, we’re able to
offer reinsurers a data-driven approach to risk transfer and
product innovation that hasn't been available before. There has
been slow adoption of the data and analytics necessary to keep up
with changing risk landscapes. We aim to change that."
"Lockton Re brings a
fresh, disruptive perspective to the U.S. crop market, and we’re
excited to support its innovative approach,” said Oscar Vergara,
business development manager, agricultural modeling solutions for
Extreme Event Solutions at Verisk. “By using our crop models,
Lockton Re will be able to provide more informed, data-backed
solutions that account for everything from hail damage to the
effects of extreme weather events fueled by climate change.
Reinsurers and insurers need a robust, up-to-date risk assessment
model to help maximize profit within risk tolerance
level."
Advancing
indexed solutions for agriculture risk
Verisk’s crop models will
support Lockton Re’s development of new indexed products that will
be designed to help (re)insurers address the increasing risks of a
changing climate on agriculture production. Verisk’s models provide
the (re)insurance industry with a reliable solution to understand
individual crop policy risks. Using tools like Verisk’s Fund
Designation Service, helps portfolio risk managers use the output
to analyze the marginal impact on their profitability of adding new
states for which underwriting history may be limited and optimize
designation alternatives.
The U.S. crop insurance
market has seen significant growth in recent years, with indexed
insurance products—such as those Lockton Re is developing—gaining
market share. According to the National Crop Insurance Services
(NCIS), parametric products accounted for as much as 12.4 percent
of the MPCI premium in 2023 across the U.S., with even higher
shares in key states.
Lynn concludes, “As
climate change continues to impact crop yields globally, the
collaboration between Lockton Re and Verisk will provide insurers
and reinsurers with the tools and insights they need to navigate an
increasingly volatile landscape. This collaboration marks a new
chapter in crop insurance, driven by data, analytics, and a
commitment to improving risk transfer solutions.”
###
About Lockton
Re: Lockton Re is a leading global reinsurance broker,
delivering comprehensive risk transfer solutions and expert
advisory services. With an emphasis on innovation and disruption,
Lockton Re helps insurers and reinsurers manage risk in an evolving
market.
About
Verisk Verisk (Nasdaq: VRSK) is a leading strategic data
analytics and technology partner to the global insurance industry.
It empowers clients to strengthen operating efficiency, improve
underwriting and claims outcomes, combat fraud and make informed
decisions about global risks, including climate change, extreme
events, sustainability and political issues. Through advanced data
analytics, software, scientific research and deep industry
knowledge, Verisk helps build global resilience for individuals,
communities and businesses. With teams across more than 20
countries, Verisk consistently earns certification by Great Place
to Work and fosters an inclusive culture where all team members
feel they belong. For more, visit Verisk.com and the Verisk
Newsroom.
Mary Keller
Verisk
339-832-7048
mary.keller@verisk.com
Isabella Gaster
Global Head of Marketing, Lockton Re
+44 07795 400981
Isabella.gaster@lockton.com
Verisk Analytics (NASDAQ:VRSK)
過去 株価チャート
から 10 2024 まで 11 2024
Verisk Analytics (NASDAQ:VRSK)
過去 株価チャート
から 11 2023 まで 11 2024