11 February 2014

First casualty liability model launched by Praedicat

Praedicat, a subsidiary of RMS has launched CoMeta an analytical tool that will help re/insurers model and understand casualty risk in the global financial services sector.

The cloud-based software mines big data from millions of peer-reviewed scientific publications in order to strengthen the underwriting decisions of casualty writers.

Commenting on the system Robert Reville, CEO of Praedicat says: “Traditionally, insurers rely on claims data, which is looking backward. CoMeta uses big data technology to help our clients look forward, scalably translating the text of millions of peer-reviewed articles into data our clients can use to write casualty insurance and reinsurance sustainably and profitably.”

Praedicat is emphasising the open architecture of its new system, with its chairman, James Thomson indicating that the company’s motto is: “no black box”.

Hemant Shah, co-founder and CEO of RMS and a director of Praedicat adds: “Property insurance has been transformed by catastrophe risk modelling. CoMeta represents a real breakthrough for the industry and the beginning of an exciting time for commercial casualty insurance and related capital markets.”