Known Issue 348

Venezuela losses with v10 default currency rate table are overstated when viewed in non-Venezuela currency.

Issue ID	348
Summary	Venezuela losses with v10 default currency rate table are overstated when viewed in non-Venezuela currency.
Description	A change by Venezuela in October 2021 to redenominate the Venezuelan Bolivar Soberano (VES) by removing 6 zeros from the currency is overstating the strength of the Bolivar against other currencies in Touchstone loss results. The VES currency is valued at 100,000 times the Venezuelan Bolivar Fuerte (VEF) and the v10 default rates have 5 decimal place difference between the two rates. We recommend increasing that to an 11 decimal place difference to better reflect loss values in USD and other currencies. Industry and company loss files (ILF + CLF) are denominated in VEF.
Resolved in	Touchstone 2023 (11.0)
Date posted	9/8/22
Software versions affected	10.0
Feature set	Detailed loss
Models	Verisk Earthquake Model for South America
Potential for loss numbers impact	Yes
Workaround	Set currency rate for the VEF that moves the decimal point 11 places to the left of the VES in a custom currency rate table. So if the VES rate is 0.217460, the VEF should be set to 0.00000000000217460. Also, losses are accurate when viewed in VEF or VES currency with default table.