Risk Innovations Introduces Transurance
NU Online News Service, Dec. 13, 3:51 p.m. EST?Risk Innovations, LLC announced "Transurance," a new class of insurance for losses that are collateral to insurable losses.[@@]
Transurance eliminates complex coverage definitions and loss adjustment processes by defining coverage as a percentage of the loss recoveries under selected traditional insurance policies, according to Risk Innovations.
Bruce Thomas, president of Trumbull, Conn.-based Risk Innovations, said in a statement that U.S. businesses spend more than $250 billion annually on property and casualty insurance premiums and that insured loss recoveries are becoming a smaller portion of the economic cost of insured events.
"In effect, losses that are collateral to insurable events are becoming larger," he said.
He continued that Transurance "makes uninsurable losses insurable, in a way that is effective and efficient, and helps insureds deal with the full impact of loss events."
Mr. Thomas said that by supplementing insurance with Transurance, "insurance recoveries will more closely resemble the total economic loss of insured events."
Risk Innovations said patents are pending on the underlying underwriting and loss adjustment methods. "We intend to use our patent rights to assure that the Transurance market develops in a way that benefits all market participants," said Ware Preston, vice president of Risk Innovations.
More information is available at www.riskinnovations.info.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.