Towers Watson has released the Igloo Reinsurance Evaluation Tool (REv), a powerful addition to the analytics libraries offered in its Igloo modelling software suite that is designed to enable cedants and reinsurers to price and analyse reinsurance contracts, and thereby quantify the benefits of risk transfer programmes.
The REv tool will help inform reinsurance purchasing and writing decisions by opening up the possibility of stochastic modelling for companies that do not have a full internal model, or by working alongside one for those that do. It caters for multiple classes of business, complex reinsurance structures and multiple reinsurance programme scenarios. Also included are tools for calibrating non-catastrophe claims and dependencies.
Richard Rodriguez, Global Property and Casualty (P&C) Capital Modelling Product Leader at Towers Watson, commented: “Reinsurance purchase is a ‘big ticket’ item for most insurers. REv is a simple yet powerful model, with an intuitive user interface and sophisticated analytics, which provides insight into where a company’s reinsurance programme is adding value, and where it can be improved.”
Companies that don’t currently have Towers Watson Igloo, the P&C insurance market’s most widely used capital modelling software, will be able to purchase the REv model library alongside an entry level Igloo Express licence. Richard Rodriguez explained that as companies’ needs expand beyond reinsurance evaluation, this would provide the advantage of being able to take their modelling capabilities forward within a familiar Igloo framework.
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