Praedicat has launched nine realistic COVID-19 litigation scenarios and a COVID-19 litigation tracker. Designed to help manage casualty lines exposures, the scenarios represent a range of ultimate pandemic outcomes, including fully-specified causes of action, numbers of plaintiffs, and defendant industries.
The data can be used to estimate limits exposed and to evaluate the potential tail risk of coronavirus, to help develop underwriting strategies, evaluate the adequacy of reserves, and to respond to exposure enquiries from regulatory authorities and rating agencies.
In anticipation that COVID-19 liability will largely emerge in state courts, the software also features a litigation tracker for US COVID-19 liability filings. This tracking system will be updated monthly as new cases are filed.
Dave Loughran, senior vice-president of product and chief economist at Praedicat, said: “Casualty insurers will need to manage the potential litigation resulting from the COVID-19 pandemic as well as anticipating their reserving needs. Our ground-breaking US court liability tracking data tool will allow clients to evaluate the impact of COVID-19 on casualty lines of business and help them to manage their exposures.”
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