Following the costliest decade on record, economic losses from natural disasters reached
Catastrophe modellers are tasked with the cleansing and continuous re-formatting of exposure data to analyse in vendor catastrophe models. This is often a labour-intensive, inefficient use of a skilled resource.
Aon's ImpactWorkbench tool enables re/insurers to transform exposure data sets into vendor input formats to save time, reduce the potential for error and increase transparency. With increasing choices of catastrophe models, a repeatable and efficient process for translating data will enable analysts to access insights more efficiently.
To support catastrophe analysts, ImpactWorkbench now includes a new feature to support the Open Exposure Data (OED) format, which means re/insurers can now produce import-ready files for Oasis-based catastrophe modelling systems, including Nasdaq's Risk Modelling for Catastrophes (NRMC) and Aon's ELEMENTS platform from Impact Forecasting.
As Aon continues to work with re/insurers to develop a bespoke view of catastrophe risk, there is a need to understand the underlying data assumptions and have a consistent and accurate methodology for the conversion of data. This approach to data can also serve as a means to better understand and quantify the impact of the contributors to unmodeled losses, as well as lead to a better understanding of the uncertainty in modeled loss estimates.
Additional features for catastrophe modellers and exposure managers on ImpactWorkbench include data quality checks and reporting; construction, occupancy, protection and exposure mapping; address matching and support for complex re/insurance term translation.
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