Markets/Coverages: AXIS Cyber and Liability Policy for SMBs; Moody’s ESG Underwriting Solution; CyberCube, AkinovA Partner on Cyber Analysis

The new AXIS Cyber Technology and Miscellaneous Professional Liability (ACTM) policy aims to help businesses avoid potential gaps in insurance coverage by enabling policyholders to combine multiple coverages within one comprehensive policy. Suitable for small and mid-sized businesses across a wide range of sectors in the US, ACTM is available via brokers on both an admitted and non-admitted basis.

Coverage can include:

• Cyber: Includes incident response, network interruption, and other first-party and liability coverages related to cyber and data risks
• Technology Errors and Omissions: Includes liability coverage for technology, telecommunications, and internet-based services and products
• Miscellaneous Professional Liability: Includes liability coverage for a wide range of professional services

Dan Trueman, head of global cyber and technology at AXIS, said, “As cyber and liability risks evolve and grow in an increasingly digitized business world, the insurance we provide must continue to develop to meet the changing needs of our customers through innovative products and great customer service.

In ACTM we can provide comprehensive insurance coverage that helps to reduce potential losses and worry arising from unintended gaps in coverage among small to mid-sized businesses, and protects them from a multitude of cyber and liability-related exposures. The introduction of ACTM aligns with our broader efforts to grow profitably with our customers and advance our leadership position in key specialty channels.”

Moody’s New ESG Insurance Underwriting Solution for P&C Insurers

Moody’s launched a new ESG Insurance Underwriting Solution for P&C insurers, enabling customers to integrate environmental, social and governance (ESG) factors into commercial underwriting and portfolio management activities. The solution was born out of a collaboration with global specialty reinsurer Chaucer Group, combining their expertise in underwriting with Moody’s ESG and wider integrated risk modeling capabilities, which have been enhanced with the acquisition of RMS in 2021.

“As insurers are seeking to measure the ESG impact of their portfolio, alongside the assessment of traditional insurance risks, this new offering is a great example of how our integrated risk-assessment strategy helps meet our customers’ needs,” said Colin Holmes, general manager of insurance at Moody’s Analytics.

Mike Steel, general manager of RMS, a Moody’s Analytics company, added: “We designed Moody’s ESG Insurance Underwriting Solution, with the support of Chaucer Group, to help (re)insurers operationalize the way they measure ESG risk at the point of underwriting. We can do so through the combination of data, technology and industry knowledge that we now have at our disposal following the Moody’s acquisition. By bringing these capabilities together, we are helping underwriters and portfolio managers transform ESG data into new insights on ESG risks and opportunities.”

Moody’s new solution uniquely combines data on public and private companies with a flexible and transparent ESG assessment framework developed in collaboration with Chaucer, to generate ESG indicators and scores that allow insurers to build their own view of ESG risk. Analytics derived from these scores and indicators help insurers monitor performance and trends, benchmarked against companies’ own ESG targets. These ESG insights are then incorporated alongside other key decisioning factors ─ for example, identifying relationships between ESG factors and financial-risk metrics, such as claims frequency and loss ratios.

“Chaucer has been a crucial development partner to help us reach this point,” added Mr. Holmes. “We are delighted they have been able to leverage the capabilities of our ESG Insurance Underwriting Solution to create a first-of-its-kind ESG balanced scorecard to provide a transparent and authentic approach to ESG risk assessment.”

John Fowle, CEO, Chaucer Group, added: “Over the last 12 months we have collaborated with Moody’s to support them in the development of Moody’s ESG Insurance Underwriting Solution by providing expertise in underwriting and risk management. The (re)insurance industry has a pivotal role to play in helping corporates make the transition to become more sustainable. This isn’t going to happen overnight but by helping clients identify areas that are in need of improvement, we can help them implement incremental changes that will pay dividends in the long-term.”

Alongside Moody’s ESG Insurance Underwriting Solution, Moody’s climate risk solutions for insurers include the Moody’s Analytics Climate Pathway Scenario Service and the RMS Climate Change Models for climate risk analytics.

To learn more about Moody’s ESG Insurance Underwriting Solution, visit: www.moodysanalytics.com/product-list/esg-insurance-underwriting

CyberCube and AkinovA partner to give wider audience access to cyber risk analysis

CyberCube is partnering with AkinovA Limited, an electronic marketplace for the transfer and trading of insurance risk, to enable AkinovA’s clients to benefit from CyberCube’s modeling and analytics.

The partnership will see CyberCube’s products made available to AkinovA’s platform. In doing so, the entire value chain of the risk transfer sector can gain access to CyberCube’s models based on specially designed cyber risk scenarios including ransomware attacks, cloud outages and major systemic risks to support the insurance, reinsurance and insurance-linked securities (ILS) organizations to make better decisions when placing and managing cyber risk.

Juan Marcano, alternative risk transfer Principal at CyberCube, said: “As a trusted facilitator to the risk transfer sector and a powerful advocate for the benefits of new technology, AkinovA is an ideal partner for us at CyberCube. This is a real vote of confidence in CyberCube’s products and the insights they generate.