This growing set of loss event records enables (re)insurers to track the impact of this emerging loss exposure.
NEW YORK, Aug 18, 2020 – Advisen, the leading provider of low frequency, high severity loss event data, announced the capture of over 500 loss events all reflecting COVID-19 as a common cause of loss.
These 500 cases are part of Advisen’s total database of 850,000 loss events which includes groupings by cause, organization, unique incidents, and individual defendants in complex litigation. COVID-19 is one of 75,000 groupings which link disparate losses by root cause and clash factors. To gauge the impact of this pandemic, actuaries, data scientists, and enterprise risk management professionals must rely on the deepest collection of coronavirus-related loss events available.
Advisen loss data transcends litigation and goes beyond claims data. Sourced from news articles, litigation, state and federal court filings, and other legal documents in the public domain, this collection of COVID-19 losses reflects a range of impacts. Currently, industries like government, education, and healthcare feature prominently in this COVID-19 loss data while leading LOBs affected include Cyber, EPL, and D&O coverages. This data also reflects that small companies are just as susceptible to COVID-19 loss events as large companies.
Scotti Ward, Advisen’s Senior Data Operations Manager responsible for Loss Data assets, commented, “We have multiple teams of specialized researchers collecting and curating different losses by category and type, and it is this approach which makes Advisen’s ability to assemble loss event data across all industries, all geographies, and all lines of business truly unique.”
“Advisen’s loss event data bypasses the shortcomings in traditional insurance claims data by providing the entire ground-up loss amounts without regard to policy limits,” explained Jim Blinn, Advisen’s EVP, Client Solutions. “Our Loss event data is matched to relevant risk characteristics, such as industry, location, company size, etc., which are not captured by most insurance companies.”
Advisen CEO Ron Adiel stated, “Advisen is continuously able to track emerging loss exposures like COVID-19 as well as opioids, talcum powder litigation, marijuana, and so many others. With almost 1 million loss records, loss modeling professionals rely on Advisen loss data to power predictive engines and drive portfolio analytics as they determine how major loss trends will impact their book of business.”
Advisen is the leading provider of data, media, and technology solutions for the commercial property and casualty insurance market. Advisen’s proprietary data sets and applications focus on large, specialty risks. Through Web Connectivity Ltd., Advisen provides messaging services, business consulting, and technical solutions to streamline and automate insurance transactions. Advisen connects a community of more than 200,000 professionals through daily newsletters, conferences, and webinars. The company was founded in 2000 and is headquartered in New York City, with offices in the US and the UK. Visit www.advisenltd.com to learn more.