Aon Selects Kovrr to Enhance Cyber Risk Quantification and Aggregation Management for its Clients

Rhea-AI Summary

Aon plc (NYSE: AON) has partnered with Kovrr to enhance cyber risk quantification and analysis of reinsurance treaties. This collaboration integrates Kovrr's impact-based modeling framework into Aon's ReMetrica capital modeling software, addressing the rising demand for data-driven insights on cyber exposures. According to Aon, the cyber insurance sector is currently facing significant challenges, including high rate increases and ransomware claims. The partnership aims to provide clients with improved tools for understanding cyber risks and optimizing insurance portfolios.

Positive

• Collaboration with Kovrr improves cyber risk quantification for Aon clients.
• Access to Kovrr's modeling framework enhances Aon's ReMetrica capital modeling software.

Negative

• Cyber insurance sector faces high rate increases and rising ransomware claims.

Allows Aon to Factor Cyber Risk Quantification and Analyze Reinsurance Treaties Fully Integrated Into its ReMetrica Capital Modeling Software

TEL AVIV, Israel--(BUSINESS WIRE)-- Kovrr, a provider of cyber risk modeling and quantification for global enterprises and (re)insurers, today announced it is collaborating with Aon plc (NYSE: AON), a leading global professional services firm, to provide cyber risk modeling (re)insurance solutions that support growing demand from Aon clients for data-driven insights on cyber exposures. The collaboration allows Aon to access Kovrr's impact-based modeling framework as well as Kovrr’s Portfolio Exposure Management solution to analyze insurance portfolios and reinsurance treaties. The tools also help to improve cyber risk quantification within Aon’s capital models, offering direct integration to the firm’s ReMetrica capital modeling software.

“The cyber insurance sector faces a challenging time, characterised by generally high rate increases and ransomware claims,” said Jon Laux, Head of Cyber Analytics at Aon’s Reinsurance Solutions. “A robust impact-based modeling framework is key for assessing future events, and so we are excited to partner with Kovrr and leverage its proprietary view of cyber risk within our ReMetrica dynamic financial analysis (DFA) tool with the aim of helping our clients manage volatility and make better business decisions.”

Kovrr’s portfolio exposure management solution empowers (re)insurers to better assess pricing strategy, meet compliance requirements, validate or modify underwriting guidelines, inform risk transfer strategies and free up capital by improving reserve management. It is based on an extensive analysis of the characteristics of historical cyber risk events including triggers, propagation and impact.

“We are thrilled to join forces with a market leader like Aon and tackle the growing importance of managing cyber risk accumulations and pricing,” said Yakir Golan, CEO of Kovrr. “Our unique approach to cyber risk modeling provides Aon with nuanced and sophisticated insights that will enhance their services to their clients and help them navigate this challenging cyber landscape.”

About Kovrr
Kovrr's cyber risk modeling platform delivers global enterprises and (re)insurers transparent data-driven insights into their cyber risk exposures. The Kovrr platform is designed to help chief risk officers, chief information security officers, underwriters, exposure managers, risk professionals and catastrophe modelers understand, financially quantify and manage cyber risk by utilizing AI-powered risk models. For more information, please visit www.kovrr.com or follow us on Twitter or LinkedIn.

About Aon
Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Our colleagues provide our clients in over 120 countries with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20211018005063/en/

Fusion PR (for Kovrr)

Ross Blume

E: Kovrr@fusionpr.com

Kovrr

Alona Gelber

E: alonag@kovrr.com

T: +972 52 847 5718

Source: Kovrr

FAQ

What is Aon plc's recent partnership about?

Aon plc has partnered with Kovrr to enhance cyber risk quantification and reinsurance analysis.

How will the Aon and Kovrr collaboration benefit clients?

The collaboration will provide clients with better tools for managing cyber exposures and optimizing insurance portfolios.

What challenges is the cyber insurance sector currently facing according to Aon?

The sector is facing high rate increases and increased ransomware claims.

What is the stock symbol for Aon?

Aon's stock symbol is NYSE:AON.

Where is Aon plc based?

Aon plc is based in the United Kingdom.