Amid calls for catastrophe modelling to move beyond property losses and centre its focus towards connected risk, Russell Group has launched ALPS Marine in partnership with IHS Markit Maritime & Trade.
Following a slew of major hurricanes, the firms said (re)insurers need a better understanding of the interconnected nature of the underlying risk and the resultant liability complexity.
ALPS Marine was designed for the accumulation of vessel and cargo exposures at ports. The firm said it captures world shipping data for comprising operators, fleets, movements and casualties, and integrates with policy information to provide aggregate exposure analysis and pricing at the ship level.
Likewise, it also analyses and visualises portfolio exposure to G20 and natural peril zone ports from vessel and cargo movements.
“What recent hurricane events have reinforced is that the insurance industry needs to understand their exposures from such events in each of the sub-classes,” said Suki Basi, managing director of Russell Group.
Basi added that underwriters and insurers will get a better understanding of their underlying port accumulation risk prior to capital commitment.
“While the insurance industry’s initial focus is on all risk exposure, they also need to understand their exposure from other connected risks such as the supply chain, cyber and political violence,” Basi concluded.
Related stories:
Chubb highlights difference in cyber risk perception
Risks emerging for this group of firms
