Creating a New Hazard Analysis

Hazard Analyses > Configuring Hazard Analyses > Creating a New Hazard Analysis

In Portfolio Mode, you can select multiple exposure views or contracts as the targets for a Hazard Analysis.

Procedure

To perform a Hazard Analysis:

  1. In Portfolio Mode, create a project or open an existing project.

    In Underwriting Contract Mode, add or open a contract.

  2. In Portfolio Mode, add an exposure view, or highlight an existing exposure view or views, or open the Contract List for an exposure view and then highlight one or more contracts.
  3. With the exposure views or contracts highlighted, under Run Analysis, click Hazard (if you highlighted exposure views) or Contract Hazard Analysis (if you highlighted contracts). The New Hazard Analysis pane lists the analysis target or targets and indicates how much of the exposure data has not been coded. Since Touchstone does not generate results for non-geocoded locations, you may want to check the data before running the analysis, if the percent of non-geocoded data is high.

    In Underwriting Contract Mode, in the Contract Summary Dashboard, select Hazard. If Touchstone has not yet run a Hazard Analysis on this contract, the New Hazard Analysis pane appears. Alternately, if Touchstone has already performed a Hazard Analysis on this contract, the results of the most recent Hazard Analysis appear. In this case, click Analysis Options to configure a new Hazard Analysis for this contract.

  4. Optionally, in the New Hazard Analysis pane, select the desired template from the Template list. Administrators can create and manage Hazard Analysis Templates.
  5. In the Hazard Profiles area, select the check box for each hazard profile that you want to use and then configure them. In each hazard profile, select the return values that you want to include in the analysis. You can also can flag specific return values, such as the 100-year loss level within a certain percentage range, the distance to the nearest fault, and soil types—when you flag a return value, the results table highlights the value in orange. All of the results are presented and can be exported; the flagged results are highlighted in orange in the results table.

    The values in the user interface are rounded to two decimal places. In the database, however, the values are stored to five decimal places. Therefore, a rounding error may cause a discrepancy in the flagged results, which are based on the values stored in the database. For example, if you choose to flag Distance to the Nearest Fault values between 1.00 and 60.00, a value of 0.99987 would not be flagged, nor would a value of 60.00123, even though the user interface would display these as 1.00 and 60.00.

    Note:

    The profiles produced by a Hazard Analysis are supported only for locations in the United States at the present time.

  6. In the Exposure Diagnostics area, select the exposure attributes check box and configure the exposure attributes and return values that you want to include in the analysis.
  7. Select the Event Intensities check box and configure the event intensity data that you want to include in the analysis.

    This feature enables you to view and export the underlying hazard data that Touchstone uses to calculate loss.

    Note:

    The Event Intensities feature requires a separate license.

  8. Click Analysis Management to configure analysis-specific functions.
  9. Optionally, in the Analysis Prefix field, enter a prefix to distinguish between analysis results when you run an analysis with multiple targets. Touchstone generates separate analysis results for each analysis target. The Analysis Prefix field appears only when you have selected multiple analysis targets.
  10. In the Analysis Name field, if the analysis target is a single exposure view or contract, you can leave the default, which is the exposure view name or the contract ID and the type of analysis, or you can enter a unique alphanumeric identifier. If the analysis target includes multiple exposure views or contracts, you cannot change the default name, which is "Auto name ('n' items)".
    Note:

    Entering some combination of the exposure view name along with the analysis type enables you to quickly find result sets in the Activity Monitor.

  11. Click Run. Hazard Analysis adds the analysis to the Activity Monitor queue for processing when the required system resources are available.
  12. View the analysis results.