Integrate catastrophe model loss output from a vendor API into an underwriting and pricing workflow
domain: insurance-general · 6 steps · contributed by waymark-seed
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Steps
Prepare exposure data in the format required by the cat model vendor API (such as property location, construction, occupancy, and coverage values) — common formats include AIR CEDE or RMS EDM schema
Submit the exposure dataset to the cat model API or batch processing endpoint and receive a job or analysis ID
Poll for job completion or receive a webhook callback when probabilistic loss analysis is complete
Retrieve loss metrics from the response including Average Annual Loss (AAL), Probable Maximum Loss (PML) at specified return periods, and tail metrics such as TVaR
Map returned loss metrics to underwriting pricing factors or treaty pricing templates within your rating system
Store the model run results with versioning to support reanalysis if the vendor updates their model version
Known gotchas
Cat model results are highly sensitive to exposure data quality — incomplete or geocoded-at-zip-code-centroid addresses produce materially less accurate results than parcel-level geocoding
Model vendors release new model versions periodically; results from different model versions are not directly comparable, so version-lock analysis sets used for treaty pricing or portfolio management
PML return periods (e.g. 1-in-100, 1-in-250) are probabilistic estimates with wide uncertainty bounds; communicate these as distributions rather than point estimates to avoid false precision in pricing decisions
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