Risk Analysis Services Minimum Data Requirements

To produce Risk Analysis Services RiskMap® analyses, we require sufficient historical loss and exposure data to identify patterns, measure development, and support credible forecasting.

Minimum Loss History

• At least 4 years of loss data, with 10 or more claims per year
  (preferably in Excel format, preferably unsorted with no subtotals)
• 5 or more years preferred (ideally 6–10 years)
• Works with up to 14 years of historical data

Loss Data Requirements

(Unlimited Total Incurred)

Claims / Loss Run Data

Minimum 4 years of claims data, showing at least:

• Type of Coverage*
• Occurrence Date
• Total Incurred Loss Amount

Successive Annual Valuations of Each Loss Year’s Claims

(Required for Loss Development)

For each incurred loss year, provide:

• Occurrence Date
• Total Incurred Loss Amount
• Coverage (if more than one)

Note: Successive annual valuations are required to analyze loss development trends.

Exposure Data Requirements

Provide annual historical exposure data corresponding to the loss years, plus estimated or budgeted exposure datafor:

• The current year
• The following year

Examples of Exposure Data by Coverage Type

Workers’ Compensation

• Number of employees
• Payroll

General Liability

• Sales or revenue

Auto Liability

• Number of vehicles
• Miles driven

Medical Insurance

• Census
• Number of members
• Age groups
• Gender

Property

• Property listings by assessed and replacement values
• Construction type and square footage
• HPR status
• Earthquake protection level

Business Interruption (BI) Exposure

• Historical and projected revenues and net income
• Primary and secondary use per property
• Primary and secondary tenants

Required vs. Helpful Data Fields

Required Fields

• Type of Coverage*
• Occurrence Date
• Total Incurred Losses

Helpful (but Not Required)

• Report Date (extremely helpful)
• Location
• Nature of Injury
• Peril or Cause of Loss

In addition, current and 2–4+ years of prior premium data is requested when available.

Important Notes

• If more than one coverage applies, include coverage identifiers.
• Loss Forecasting requires at least 4 years of data (maximum 14), with or without successive annual valuations.
• Loss Development analysis requires successive annual valuations of incurred losses.

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