Kovrr announced it is collaborating with Aon to provide cyber risk modeling (re)insurance solutions that support growing demand from Aon clients for data-driven insights on cyber exposures. The collaboration allows Aon to access Kovrr’s impact-based modeling framework as well as Kovrr’s Portfolio Exposure Management solution to analyze insurance portfolios and reinsurance treaties.
The tools also help to improve cyber risk quantification within Aon’s capital models, offering direct integration to the firm’s ReMetrica capital modeling software.
“The cyber insurance sector faces a challenging time, characterised by generally high rate increases and ransomware claims,” said Jon Laux, Head of Cyber Analytics at Aon’s Reinsurance Solutions. “A robust impact-based modeling framework is key for assessing future events, and so we are excited to partner with Kovrr and leverage its proprietary view of cyber risk within our ReMetrica dynamic financial analysis (DFA) tool with the aim of helping our clients manage volatility and make better business decisions.”
Kovrr’s portfolio exposure management solution empowers (re)insurers to better assess pricing strategy, meet compliance requirements, validate or modify underwriting guidelines, inform risk transfer strategies and free up capital by improving reserve management. It is based on an extensive analysis of the characteristics of historical cyber risk events including triggers, propagation and impact.
“We are thrilled to join forces with a market leader like Aon and tackle the growing importance of managing cyber risk accumulations and pricing,” said Yakir Golan, CEO of Kovrr. “Our unique approach to cyber risk modeling provides Aon with nuanced and sophisticated insights that will enhance their services to their clients and help them navigate this challenging cyber landscape.”