Willis Towers Watson has introduced a new risk-and-analytics feature that enables risk managers to assess their coronavirus (COVID-19) property exposure in real-time, providing them with real-time developments of the pandemic set against their property assets around the world.
The new feature provides up-to-date information for confirmed global COVID-19 cases alongside clients’ property total insured values by location, as part of WTW’s Global Peril Diagnostic modelling tool that evaluates clients’ property portfolios and assesses their exposure to comprehensive catastrophe risk, inclusive of terrorism and 12 natural perils.
The information will automatically be visible to users through the “live events” capability, and users have the option to turn this off if not required.
“With a third tranche of stimulus being prepared by the federal government, we already know the economic impact of COVID-19 will be significant,” said Matthew Frost, head of risk advisory for Australasia. “As our property and casualty clients evaluate their economic losses triggered by COVID-19, this new feature will help them better understand their business interruption or workers’ compensation risks and exposures as they specifically relate to this pandemic. This will enhance the practice of their proactive resiliency risk and business continuity decision making.”
The new feature includes data and information that has been created and maintained by the Centre for Systems Science and Engineering at the Johns Hopkins University, and covers Australia, China, the United States and Canada at province/state levels, and the rest of the world at country level, represented by either a country’s geographical central point or capital.
Data sources include the World Health Organization, the US Centres for Disease Control and Prevention, National Health Commission of the People's Republic of China, the European Centre for Disease Prevention and Control, and DXY.