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Allianz Commercial introduces new CAReS program
With natural disasters increasing in frequency and severity across the globe, Allianz Commercial has launched its Climate Adaptation & Reliance Services (CAReS) platform to help clients identify potential high-risk areas and see in real-time how perils could affect their location today and in the future.
Developed with data from Allianz clients and other sources, as well as the expertise of more than 200 risk engineers, the dashboard helps to create a "score" for specific properties and rates them against 12 different perils such as wind, wildfires, flooding, extreme heat and hail. Since resilience is at the heart of risk management and sustainability plays an important role in the future of many structures, business owners will also have a better understanding of their long-term climate risk exposures and receive recommendations on how to prevent or mitigate the risks identified.
Since the effects of climate change can impact business worldwide, the scoring system enables companies to understand how their environmental liabilities, supply chain risks, market vulnerabilities and operations could be affected by the weather. "This helps clients to be better prepared," shared Kostos Papapetridis, head of Allianz Risk Consulting in an interview with Digital Insurance.
The product was tested by multiple Allianz clients, who provided feedback on the scenarios, the accuracy of the data and its ability to help companies identify and mitigate financial impacts. Clients can access the tool through their My Allianz Commercial Portal and build out information in four different timelines: present day, 2030, 2050 and 2080 by inputting a property's address. "We are building an ecosystem of topics that support CAReS," explains Michelle Bruch, head of Global ARC Advisory Services at Allianz Commercial. CAREs is just the first set of solutions the company is offering this year that will focus on resilience.
Nationwide launches telematics property discount for customers
Nationwide is changing the way it thinks about risk by launching a new program that rewards safe drivers in its usage-based insurance program with savings on their homeowners insurance. The program is currently available in 12 states and is focusing on the future of insurance with integrated, behavior-based models that allow customers' actions to directly impact their pricing. The company expects to expand the program later this year.
"This program is about recognizing responsibility in all aspects of our customers' lives," said Sara Jacobs, senior vice president of P&C Personal Lines at Nationwide in a press statement. "According to our data, safe drivers are also less likely to experience avoidable home-related damages."
The company anticipates that more than 50% of its existing customers would be eligible for the discount. The program highlights Nationwide's broader mission to empower its customers. "We're helping people move from being passive policyholders to active stewards of their homes and vehicles — it's about building a relationship based on trust and shared responsibility," Jacobs added. "The program is more than just a financial perk for our customers. By linking auto and home policies through behavior-based data, Nationwide is creating a more integrated insurance experience for them."
New Aon program addresses data center lifecycles
Data is an important aspect of many businesses and Aon has introduced its Data Center Lifecycle Insurance Program (DCLP), a proprietary multi-line focused product to help clients manage risk across their data center operations.
"Today's data centers are the backbone of the global economy," shared James MacNeal, global industry specialty leader of construction and infrastructure for Aon, in a press release. "Our Data Center Lifecycle Insurance Program empowers clients to make better decisions, moving faster and more confidently, with protection that evolves alongside strategic assets, from physical infrastructure to digital operations."
Key features of the program include:
- Up to $1.5 billion in coverage for construction risks, delay in start-up, and operational property damage/business interruption
- Up to $400 million in construction cyber physical damage coverage, including construction non-damage cyber and operational cyber, and tech E&O
- Up to $100 million in third-party liability coverage (excluding U.S. exposures)
- Up to $500 million in project cargo and transport insurance
- Access to integrated risk engineering and cyber impact modeling through Aon's Global Risk Consulting team
The scale and scope of today's digital infrastructures are constantly changing and DCLP was created to help clients navigate the risk environment by consolidating coverage, while providing access to insights earlier in the development cycle, and providing risk mitigation tools to help customers respond to and mitigate changing threats.
"Data centers are no longer just physical assets, they are platforms for innovation, connectivity and economic growth," said Brian Hearst, managing director of construction for Aon in a press release. "DCLP reflects our commitment to helping clients shape better decisions, protect what matters most and build enduring infrastructure for a more digital world."
