One Concern, a resilience-as-a-service solutions provider with a focus on providing upfront information on potential financial impacts of climate related loss events, has appointed former RMS employee Tim Kinsella as its Executive Director, Sales – P&C Insurance. One Concern offers climate related analytic services with a unique approach of using artificial intelligence to try and understand, estimate, and forecast, the potential implications and losses from climate and weather catastrophes. Earlier this year, the company launched its first full digital twin, alongside a data service to help companies understand the implications of events, which we explained at the time has ramifications and provides a glimpse of the future that can help in designing risk transfer and insurance-linked securities (ILS) products. Now, in a sign of One Concern's increasing focus on the insurance and reinsurance sector and how its products can both help carriers understand risks in their portfolios, as well as develop new risk transfer products such as using parametric triggers, the hiring of Kinsella signals an increasing push to gain insurance and reinsurance industry clients. Kinsella was a Senior Client Director at catastrophe risk modeller RMS for almost four years, having joined the firm at the beginning of 2019.

Global catastrophe risk modeller, AIR Worldwide, has announced the development of a new probabilistic cyber model that market participants state will reinforce their ability to develop and deliver innovative solutions such as cyber ILWs and insurance-linked securities (ILS) for cyber risk. The new cyber risk model is to be included in the latest version of the firm's cyber risk modelling and analytics platform, ARC (Analytics of Risk from Cyber), which is due for general release on October 31st, 2018. According to AIR, the new probabilistic cyber model estimates the likelihood, severity, and economic and insurance impact of security breaches and cloud service provider downtime, which are one of the most likely forms of aggregation risk for cyber. It will help traditional underwriters of cyber insurance and reinsurance risk, providing them an enhanced view of threats and ability to analyse portfolio and risk metrics data. At the same time, Ian Newman, partner and global head of cyber at reinsurance broker Capsicum Re, one of the first users of AIR's new model and part of the model's development, said that the model reinforces the company's ability to develop innovative insurance solutions, "such as cyber industry loss warranties (ILWs), and work with insurance-linked securities (ILS)."