Dataset of infrequent, high-severity losses tracks over $10 trillion in total loss value
MILWAUKEE – (November 16, 2022) – Leading insurtech provider, Zywave, today announced that it has surpassed the one million mark of loss event case records within its Loss Insight database. The total loss amount recorded for these low frequency, high-severity cases now exceeds $10 trillion.
Zywave acquired Advisen and its comprehensive data offerings, including Loss Insight, in November 2020, and has since actively invested resources to grow and enhance this data solution, creating 18 additional data fields to offer more detailed analysis options. In 2022 alone, Zywave added a record 89,694 loss events, with loss amounts exceeding $136 billion.
Today, over 250 insurance carriers, brokerages, and service providers leverage this data to power predictive models, inform pricing, set underwriting guidelines, determine limit adequacy, and create new products and programs. This will improve underwriting performance through price-to-risk optimization, reduce underinsurance through driving insurance to value motions and fuel growth through new product and program development. Also included in the data is the largest repository of D&O, EPLI, cyber, and excess casualty losses, detailing full economic loss.
“Our loss data reflects depth in major P&C lines, while also showcasing the evolving categories of emerging risks, such as “forever” chemical compounds like PFOA, PFAS, and AFFF, along with cannabis, ESG, and excessive force,” Zywave senior vice president Jeff Cohen said. “Loss Insight shows that big, nasty losses can imperil even small companies, and knowing what types of losses have transpired already is a key aspect of avoiding such losses in the future. We’re proud to have reached the one-million case milestone, as it further solidifies our position as the loss data leader.”
Zywave’s Loss Insight encompasses cases involving nearly 450,000 unique companies and more than 323,000 unique ultimate parent companies. In addition, over 90,000 related causes of loss connect two or more of the one million loss records, demonstrating how risks can accumulate to bring about greater financial impact. Reinsurers use this data to evaluate systemic risk and fuel risk aggregation studies.
To learn more about Loss Insight visit https://www.zywave.com/carrier/loss-insight/.
Zywave leads the insurtech industry, fueling business growth for its partners with cloud-based sales management, client delivery, content and analytics solutions. Zywave’s all-in-one platform provides customizable, user-friendly options that enable insurance professionals to build a unique solution to fit their specific growth goals. More than 15,000 carriers, agencies and brokerages worldwide—including all of the top 100 U.S. insurance brokerages—use Zywave solutions to enhance client services, achieve business growth and promote greater health, wellness, risk management and safety. Additional information can be found at www.zywave.com.