Read the full press release here
Praedicat is excited to announce the launch of Nekomodel™ X, the next generation of its probabilistic casualty catastrophe model. The culmination of ten years of work at Praedicat, Nekomodel X is a transformational technology that not only expands upon previous model releases, but addresses the current landscape of social inflation, mass litigation and litigation funding.
“Nekomodel X’s mass litigation model better reflects the behavior of a plaintiffs’ bar with unprecedented access to capital,” says Dr. David Loughran, Praedicat’s Senior Vice President of Product & Chief Economist. “We have captured the impact of the current environment where plaintiffs’ attorneys have sufficient capital to experiment with new theories of causality and can afford sustained litigation based on those theories. No underwriter should accept a risk exposed to U.S. tort law without first checking its exposure to the more than 240 distinct casualty risks covered by Nekomodel X.”
Nekomodel X also introduces a completely new feature to casualty insurers, one that facilitates exposure-based pricing and reserving in a scalable way for the first time ever. By connecting 128,000 companies, their products, and their business activities to the global, peer-reviewed scientific literature that investigates whether these products and activities have the potential to cause bodily injury or environmental harm, Nekomodel X connects granular exposure data with a probabilistic forecast model, quantifying the frequency and severity of casualty-relevant litigation for every company.
Dr. Robert Reville, Praedicat’s CEO, says: “Nekomodel X is a game-changer. It will help us to continue supporting the transformation of casualty underwriting into a discipline supported not only by instinct, but also informed by scientific insight and complex data analysis. It also expands the forward-looking capabilities to reserving and pricing. The growing flow of speculative capital directed at the plaintiffs’ bar to fund science-backed bets on judicial outcomes continues to drive up casualty awards, settlements, and claims. With Nekomodel X, risk carriers have the technology and data to thrive and grow in this environment.”
Read the full press release here.
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