Praedicat announces the launch of COVID-19 litigation scenarios
Millions worldwide have been infected with the novel coronavirus SARS-CoV-2 and sickened by the respiratory illness COVID-19. The epidemiological and economic course of this global pandemic remains highly uncertain. To help our clients navigate these unprecedented times, Praedicat has developed exposure models and realistic litigation scenarios for evaluating the impact of the pandemic on casualty lines of business.
- Litigation scenarios explore a range of outcomes that vary by cause of action, pandemic severity and claiming rate.
- Upload casualty portfolios with policy-level details to estimate insured loss.
- Company scenario loss estimates for almost 40,000 companies in Praedicat’s company library, with the ability to estimate policy losses (defense cost and indemnity) under different insurance structures.
Our clients can use the projected industrial footprint of the scenarios to estimate limits exposed and evaluate tail risk. The information can be used to develop underwriting strategies and, with the results available by company, the strategies can be implemented at the point of underwriting. The estimates can be used to evaluate the adequacy of reserves and to respond to exposure inquiries by regulatory authorities and rating agencies.
Additional scenarios will be added to more fully capture the emerging liability space, including newly specified causes of action and variations under different “social inflation” assumptions. Estimates will be updated and the range of outcomes narrowed as the pandemic unfolds. Estimates will also pull from our soon-to-launch COVID-19 Litigation Tracker, an unprecedented data source of complaints filed in U.S. state and federal courts.
To learn more about our COVID-19 litigation scenarios click here, or to learn more about our Litigation Tracker, please contact us here.
Missed our May 14th webinar about COVID-19 with Praedicat CEO Bob Reville and special guest David Bassi from Guy Carpenter? Watch the video now!
Have questions? Get in touch with one of our Account Manager team members.
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