AIR says many insurance/reinsurance companies benefit from TruExposure. The new data-scoring capability in TruExposure was designed to leverage AIR’s industry exposure database and advanced catastrophe models to provide two scores essential to understanding and improving the quality of data used for catastrophe risk assessment.
First, TruExposure Data Quality Scores measure the extent to which incomplete exposure data may impact catastrophe modeling results, with data quality scores being provided for individual locations and at the portfolio level, according to AIR.
And second, AIR says TruExposure Overall Risk Scores incorporate data quality, hazard risk and property replacement value to help companies determine—at a location or portfolio level – whereby enhancements to exposure data can meaningfully improve their catastrophe risk estimates.
“Insurers and reinsurers often need to assess the catastrophe risk of portfolios in which a number of the properties’ primary characteristics—location, construction type, occupancy class, age, and height—are unknown or of questionable accuracy,” says Uday Virkud, P.E., EVP at AIR Worldwide. “TruExposure data scores allow companies to quickly assess and compare the quality of data used for catastrophe risk analyses and prioritize among portfolios—or subsets of locations within a portfolio—where data improvement can have a significant influence on loss estimates.”
