In the Event Set list, select the appropriate event set for the exposures you are analyzing. The event sets that are included in the list depend on the countries and perils licensed. For external models, select the name of the external model from the Model list and that model's event set.

For AIR default models, there are three types of available licensable event sets:

•       Stochastic event sets: Contain 10K, 50K, 100K, or 500K years of simulated events generated by AIR that you can use to model loss estimates for your exposures. They 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 actual historical data.

•       Historical event sets: Can be used to model loss estimates for AIR historical events if they were to reoccur with your current exposures.

•       World scenarios: Contain a set of events similar to the Realistic Disaster Scenarios (RDS) created by Lloyd's; they are used to test how individual syndicates and the market as a whole accumulate loss in extreme catastrophe scenarios.

•       User-created custom terrorism event sets: Event sets that administrators create through the Administration Console. If you select one of these event sets, the system automatically selects Terrorism as the only available peril. If you have administrative privileges, you can modify information about the event set by clicking the pencil icon next to the Event Set field.

To view event set details, click the pencil icon next to the Event Set field. The Event Set Details window displays information about the author, the event set type, and the included models. ExampleThe Australia AP Historical (2012) event set includes model 6 (bushfire), 51 (earthquake), and 61 (cyclone). The model information includes the model version, the catalog name and version, the peril, the years, and the number of events.

With Touchstone 7.0, you can run loss analyses using the current (updated) model and the previous version of the updated model. For example, the Event Set list now contains two versions of the 10K World AP (All Perils) event set, 2018 and 2019. You select Earthquake and Tropical Cyclone as perils and you select the 2018 event set—for the New Zealand Earthquake model, Touchstone will use the 2007 version of the model, not the 2019 updated version. It will also use the vintage United States Flood model, which was not updated in 2019. If you select the 2019 10K World AP event set, Touchstone uses the latest versions of all models—in this case Touchstone uses the 2019 version of the New Zealand Earthquake Model and the unchanged United States Flood Model.

In addition to licensed catalogs, the Event Set list includes real-time event sets if you have downloaded them from AIR’s ALERT web site.

Related topics

•       AIR historical events

•       World Scenarios events

•       Event set management in the Administration Console

•       Event Set Details window

•       Administrative privilege (role permissions)

•       ALERT web site

•       Importing event sets from ALERT web site