About the detailed loss analysis module

Use the detailed loss analysis module to run a detailed loss analysis on the same exposure data that you imported for catastrophe modeling.

You can run a detailed loss analysis using a Verisk model.

For the Terrorism peril, you can run a deterministic loss analysis with event sets that you create for any location in the world. You can also run stochastic detailed loss analyses for the Terrorism peril for locations in the United States. For all other perils, CAT analyses are stochastic analyses.
  • Detailed loss analyses: This probabilistic analysis uses simulated events generated by us to model loss estimates for your exposure data, both property data and workers' compensation data. Our stochastic event sets are designed to produce a complete and stable range of potential annual experience of catastrophe activity. The pattern and distribution of the simulated years approximate the pattern of historical and future years because their derivation is based on a scientific extrapolation of historical data. You must license this analysis. If you want to analyze workers' compensation data, you must also license Workers' Compensation. Our custom model framework enables you to import custom catalogs, hazard intensity files, damage files, and external vendor event sets using the Touchstone Model Builder standalone tool.
  • Deterministic loss analysis for terrorism: You can perform deterministic loss analyses for United States or international locations. Deterministic loss analyses consider "what if" scenarios. Users can create custom event sets to test the impact of a variety of weapon types on buildings and workers. Each customized terrorist attack scenario leverages our hazard propagation algorithms and vulnerability functions, as well as Touchstone's financial module. For locations in the United States, you can model both conventional and CBRN (chemical, biological, radiological, nuclear) weapons. For international locations, you can only model conventional weapons.

You can configure loss analyses to use any combination of licensed perils, custom perils not modeled by us, demand surge settings, and financial settings.

You can choose whether to apply reinsurance programs or facultative reinsurance.

You can run loss analyses with a variety of perspectives and save results by portfolio, contract, layer, line of business, contract UDF, location, location UDF, geography, coverage, number of claims, injury type, and MAOL. You can include by Peril and by Model columns in the Summary EP table, and you can accumulate exposures in zones.

You run a detailed loss analysis on one or more exposure views or contracts in your project.

Note: If you specify valid location-level inception and expiration dates for a location, and these dates are different from (that is, a subset of) the inception and expiration dates for the corresponding contract, Touchstone considers only the location-level inception and expiration dates for this location when performing a detailed loss analysis.

Users with administrator privileges can:

  • Set defaults for use during a detailed loss analysis, such as configuring demand surge defaults. Administrators can also set default values for workers' compensation exposures.

  • Create one or more loss analysis templates.

    Verisk provides two loss analysis templates: AIR Default Loss Template and Florida Rate Filing Analysis template. The latter template is used to run analyses only with the settings required by FLOIR (Florida Office of Insurance Regulation) for rate making. Some settings available to other analyses are not available in this template. For example, you cannot select a model and you can only select one of two Florida regulatory event sets. You can only select the Wind peril and cannot select event set filters, financial settings, or flexibility.