RiskMap® DATA Minimum Requirements
At Least 4 years of loss data with 15 or more claims per year (5 to 10 years of data preferred; works for up to 14 years) .
Loss Data (Unlimited Total Incurred)
Minimum of 4 years of Claims – Loss Run Data (Showing at least Coverage* Occurrence Date, Incurred Loss Amount). Successive Annual Valuations of Each Incurred Loss Year’s Claims**, if available, Showing Coverage*, Occurrence Date, Incurred Loss Amount (required for Loss Development)**
Exposure Data
Annual Historical Exposure Data corresponding to Loss Data years, and Estimated or Budgeted Exposure Data for the Current and Following Year (e.g., for WC: number of employees, payroll; for GL: $ sales or revenues; for Auto Liability: number of vehicles, number of miles; for Medical Insurance: census, # of members, by age group, by gender, …).
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Notes:
* If more than one coverage.
**Loss Forecasting requires at least 4-years of data (max 14), with or without successive annual valuations. Successive Annual Valuations of Incurred Losses are required for Loss Development.
