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Merge pull request #190 from OasisLMF/release/3.3.0
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Release 3.3.0
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@sambles
sambles authored Jun 14, 2024
2 parents 1dbea9d + 87f8f36 commit a69ec7a
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2 changes: 1 addition & 1 deletion OpenExposureData/1_OED_Rationale_and_Abbreviations.rst
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Expand Up @@ -21,7 +21,7 @@ The following abbreviations are used in OED field names:
:widths: 8, 40
:header: "Abbreviation", "Description"

"Acc", "Account"
"Acc", "Account"
"Agg", "Aggregate"
"BI", "Business interruption, but also used to denote other time-based coverage insurable values such as alternative living expenses"
"Cond", "Condition (as in special condition such as sub-limit or sub-deductible)"
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4 changes: 2 additions & 2 deletions OpenExposureData/4_OED_Asset_Related_Details.rst
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Expand Up @@ -36,8 +36,8 @@ Occupancy codes are stored in the **OccupancyCode** field. The occupancy type li
"1250 – 1299", "Transportation"
"1300 – 1349", "Utilities"
"1350 – 1399", "Miscellaneous"
"2000 – 2799", "Industrial Facility"
"3000 – 3999", "Offshore"
"2000 – 2799", "Industrial Facility"
"3000 – 3999", "Offshore"

Although the code ranges above infer an extremely long list of codes there are less than 200 distinct occupancy codes in total. Yachts and automobiles are included under construction type codes rather than occupancy codes.
Some users may have translated from a different (original) occupancy code to the OED occupancy code but would like to store the original occupancy code information. This can be done using the **OrgOccupancyScheme** and **OrgOccupancyCode** fields.
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64 changes: 32 additions & 32 deletions OpenExposureData/5_OED_Geography_and_Perils.rst
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Expand Up @@ -84,29 +84,29 @@ The system for capturing which perils apply to different exposure elements and f
:widths: 130,30
:header: "Peril", "Input Format Peril Code"

"Earthquake - Shake only", "QEQ"
"Fire Following", "QFF"
"Tsunami", "QTS"
"Sprinkler Leakage", "QSL"
"Landslide", "QLS"
"Liquefaction", "QLF"
"Tropical Cyclone", "WTC"
"Extra Tropical Cyclone", "WEC"
"Storm Surge", "WSS"
"River / Fluvial Flood", "ORF"
"Flash / Surface / Pluvial Flood", "OSF"
"Straight-line / other convective wind","XSL"
"Tornado", "XTD"
"Hail", "XHL"
"Snow", "ZSN"
"Ice", "ZIC"
"Freeze", "ZFZ"
"NonCat", "BFR"
"Wildfire / Bushfire", "BBF"
"NBCR Terrorism", "MNT"
"Conventional Terrorism", "MTR"
"Earthquake - Shake only", "QEQ"
"Fire Following", "QFF"
"Tsunami", "QTS"
"Sprinkler Leakage", "QSL"
"Landslide", "QLS"
"Liquefaction", "QLF"
"Tropical Cyclone", "WTC"
"Extra Tropical Cyclone", "WEC"
"Storm Surge", "WSS"
"River / Fluvial Flood", "ORF"
"Flash / Surface / Pluvial Flood", "OSF"
"Straight-line / other convective wind","XSL"
"Tornado", "XTD"
"Hail", "XHL"
"Snow", "ZSN"
"Ice", "ZIC"
"Freeze", "ZFZ"
"NonCat", "BFR"
"Wildfire / Bushfire", "BBF"
"NBCR Terrorism", "MNT"
"Conventional Terrorism", "MTR"
"Lightning", "XLT"
"Winterstorm Wind", "ZST"
"Winterstorm Wind", "ZST"
"Smoke", "BSK"
"Drought Induced Subsidence", "SSD"
"Crop Hail (From Convective Storm)", "XCH"
Expand All @@ -126,20 +126,20 @@ As well as the individual peril codes in the above table, there are also codes f
:widths: 130,30
:header: "Peril Group", "Input Code"

"Earthquake perils", "QQ1"
"Windstorm with storm surge", "WW1"
"Windstorm w/o storm surge", "WW2"
"Flood w/o storm surge", "OO1"
"Winter storm", "ZZ1"
"Convective storm", "XX1"
"Convective storm incl. winter storm (for RMS users)", "XZ1"
"Terrorism", "MM1"
"Wildfire with smoke", "BB1"
"Earthquake perils", "QQ1"
"Windstorm with storm surge", "WW1"
"Windstorm w/o storm surge", "WW2"
"Flood w/o storm surge", "OO1"
"Winter storm", "ZZ1"
"Convective storm", "XX1"
"Convective storm incl. winter storm (for RMS users)", "XZ1"
"Terrorism", "MM1"
"Wildfire with smoke", "BB1"
"Pandemic", "PP1"
"Crop", "GG1"
"Cyber", "CC1"
"Volcanic", "VV1"
"All perils", "AA1"
"All perils", "AA1"


There are several fields in the OED input tables for storing the peril codes.
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35 changes: 30 additions & 5 deletions OpenExposureData/7_OED_Financial_Details_Policy_Conditions.rst
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@@ -1,3 +1,5 @@


Policy Special Conditions
#########################

Expand Down Expand Up @@ -77,6 +79,7 @@ It is common to have multiple conditions on a policy, applying to different grou

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CondNumber
##########

Expand Down Expand Up @@ -193,6 +196,9 @@ We must 'tag' all of the locations for each condition that applies to them by ad

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OED Location file:

.. csv-table::
Expand All @@ -204,10 +210,11 @@ OED Location file:
"Acc4", "Loc2", "US", "FL", "Florida"
"Acc4", "Loc2", "US", "FL", "US"
"Acc4", "Loc3", "US", "TX", "Texas"
"Acc4", "Loc3", "US", "TX", "US"
"Acc4", "Loc3", "US", "TX", "US"
"Acc4", "Loc4", "US", "LA", "US"
"Acc4", "Loc5", "MX", "02", ""


We have two location records for Locations 1,2 and 3, with a CondTag for the 'Florida' or 'Texas' sub-limits and a second CondTag 'US' for the US wind sub-limit. Location 5 is outside the scope of all conditions.

In the account file, we have policy record for each condition: Florida, Texas and US sub-limit.
Expand Down Expand Up @@ -253,6 +260,8 @@ It is possible to represent an unlimited number of hierarchal levels in OED, but

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CondPriority
############

Expand Down Expand Up @@ -519,8 +528,8 @@ OED Location file:
"Acc9", "2", "1,000,000", "2", "0.01", "1"
"Acc9", "3", "1,000,000", "1", "0.05", "2"
"Acc9", "4", "2,000,000", "0", "15,000", "2"
"Acc9", "5", "2,000,000", "0", "10,000",
"Acc9", "6", "2,000,000", "2", "0.10",
"Acc9", "5", "2,000,000", "0", "10,000", ""
"Acc9", "6", "2,000,000", "2", "0.10", ""

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Expand Down Expand Up @@ -553,8 +562,8 @@ OED Location file:
"Acc10", "2", "1,000,000", "2", "0.01", "2"
"Acc10", "3", "1,000,000", "1", "0.05", "2"
"Acc10", "4", "2,000,000", "0", "15,000", "2"
"Acc10", "5", "2,000,000", "0", "10,000"
"Acc10", "6", "2,000,000", "2", "0.10"
"Acc10", "5", "2,000,000", "0", "10,000", ""
"Acc10", "6", "2,000,000", "2", "0.10", ""

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Expand All @@ -569,3 +578,19 @@ OED Account file:
"Acc10", "1", "QQ1; WW1", "1,500,000", "2", "2", "2", "WW1", "500,000"


















28 changes: 15 additions & 13 deletions OpenExposureData/8_OED_Reinsurance.rst
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Expand Up @@ -15,18 +15,14 @@ OED has been designed to allow capture of a broad range of reinsurance terms wit
.. csv-table::
:header: "Type of Reinsurance", "Value in ReinsType Field", "Notes"

"Facultative", "FAC", "Excess of loss (or sometimes proportional) contract applicable at location, location group, policy or account level. The risk level must be consistent with the field used to define the scope. **RiskLimit, RiskAttachment** and **PlacedPercent** are typically the fields used.
"Facultative", "FAC", "Excess of loss (or sometimes proportional) contract applicable at location, location group, policy or account level. The risk level must be consistent with the field used to define the scope. **RiskLimit, RiskAttachment** and **PlacedPercent** are typically the fields used."
"Quota Share", "QS", "A proportional contract applicable to a tranche of exposure defined using the reinsurance scope filter fields. **PlacedPercent**, and sometimes **RiskLimit** and **OccLimit** are typically the fields used."
"Surplus Share", "SS", "A proportional contract where the proportion ceded varies by risk. The risk level must be consistent with the field used to define the scope. **CededPercent** must be specified for each risk in the reinsurance scope table. **OccLimit** is sometimes also used."
"Per Risk Treaty", "PR", "An excess of loss contract applying per-risk to a tranche of exposure defined using the reinsurance scope filter fields. 'RiskLimit, RiskAttachment' and sometimes 'PlacedPercent' and 'OccLimit' are the fields typically used."
"Catastrophe Excess of Loss", "CXL", "An excess of loss contract applying per-event to a tranche of exposure defined using the reinsurance scope filter fields. **OccLimit, OccAttachment** and sometimes **PlacedPercent** are the fields typically used."
"Aggregate Excess of Loss", "AXL", "An aggregate excess of loss contract applying per-period to a tranche of exposure defined using the reinsurance scope filter fields. **AggLimit, AggAttachment** and sometimes **PlacedPercent** are the fields typically used."

"Quota Share", "QS", "A proportional contract applicable to a tranche of exposure defined using the reinsurance scope filter fields. **PlacedPercent**, and sometimes **RiskLimit** and **OccLimit** are typically the fields used.

"Surplus Share", "SS", "A proportional contract where the proportion ceded varies by risk. The risk level must be consistent with the field used to define the scope. **CededPercent** must be specified for each risk in the reinsurance scope table. **OccLimit** is sometimes also used.

"Per Risk Treaty", "PR", "An excess of loss contract applying per-risk to a tranche of exposure defined using the reinsurance scope filter fields. "RiskLimit, RiskAttachment" and sometimes "PlacedPercent" and "OccLimit" are the fields typically used.

"Catastrophe Excess of Loss", "CXL", "An excess of loss contract applying per-event to a tranche of exposure defined using the reinsurance scope filter fields. **OccLimit, OccAttachment** and sometimes **PlacedPercent** are the fields typically used.

"Aggregate Excess of Loss", "AXL", "An aggregate excess of loss contract applying per-period to a tranche of exposure defined using the reinsurance scope filter fields. **AggLimit, AggAttachment** and sometimes **PlacedPercent** are the fields typically used.

The fields used to define reinsurance financial terms are given in the table below. These are all specified in the reinsurance info table, although for surplus treaties note that **CededPercent** must be specified in the reinsurance scope table.

|
Expand All @@ -47,10 +43,11 @@ The fields used to define reinsurance financial terms are given in the table bel
"AggPeriod", "The period within which to sum losses (in days)."
"InuringPriority", "Indicates the order in which reinsurance applies. 1 denotes the contract that applies first."
"Reinstatement", "The number of reinstatements."
"CededPercent", "The percentage applied to the gross loss entering the reinsurance contracts before other reinsurance terms. Predominantly used for surplus treaties. Unlike all the other terms in this table, **CededPercent** is specified in the reinsurance scope table for surplus treaties and in the reinsurance info table for all other treaty types."
"CededPercent", "The percentage applied to the gross loss entering the reinsurance contracts before other reinsurance terms. Predominantly used for surplus treaties. Unlike all the other terms in this table, **CededPercent** is specified in the reinsurance scope table for surplus treaties and in the reinsurance info table for all other treaty types."
"PlacedPercent", "The percentage applied to the reinsurance loss after other reinsurance terms. Predominantly used for all contracts other than surplus treaties."
"TreatyShare", "The treaty share which is applicable to the individual reinsurer."


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Risk Level
Expand Down Expand Up @@ -231,6 +228,7 @@ The logic in the reinsurance scope table means that only items with **PortNumber

|

**Example 3 - Surplus share reinsurance**

The example shows how a 3-line surplus treaty with a retention of 500,000 is specified in OED. The surplus treaty has an event limit of 3,000,000 (applicable to the loss ceded to the treaty, not the gross amount), and ‘risk’ is defined as the location.
Expand Down Expand Up @@ -339,15 +337,16 @@ OED Reinsurance Info file:

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OED Reinsurance Scope file:

.. csv-table::
:header: "ReinsNumber", "PortNumber", "AccNumber", "PolNumber", "LocNumber"

"1", "1", "", "", ""
"1", "2", "", "", ""
"2", "1", "", "", ""
"2", "2", "", "", ""
"2", "1", "", "", ""
"2", "2", "", "", ""

|
Expand All @@ -360,3 +359,6 @@ The reinsurance scope table contains two rows per treaty. This is to indicate th
Essentially, within each **ReinsNumber**, each row of the reinsurance scope table acts as an OR operator and each filtering column acts as an AND operator. Although only four reinsurance scope fields are shown in the table above, all 10 reinsurance scope filtering fields could be used to define the scope of quota share, per-risk, cat XL or aggregate XL treaties.

The **RiskLevel** of the per-risk treaty is defined at location level (*LOC*). For the Cat XL treaty in this example there are no risk terms and so the **RiskLevel** is left blank.



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