CLASIC/2™ is the application of choice for companies who need to accurately assess risk down to the individual location level.
CLASIC/2 takes full advantage of the construction, occupancy, age and height of each structure, as well as location-specific geographical (e.g., land use/land cover, elevation, topography) and geological information, and insurance policy and reinsurance treaty terms. This translates to better information with which to support risk selection, underwriting, and pricing decisions.
CLASIC/2’s Financial Module Ensures the Accurate Application of Complex Terms and Conditions
CLASIC/2 provides full probability distributions of annual aggregate and occurrence losses broken down in a wide variety of ways, including by location, policy, insurance layer, reinsurance layer, total portfolio, region, and event. The CLASIC/2 financial module accurately estimates losses for policies containing complex terms and conditions, including those that apply across perils, regions and policies. CLASIC/2 supports, for example, sub-limits by peril and geographic areas, various types of deductibles including percent of loss deductibles, multiple layers on a single policy, and a fully probabilistic application of policy terms.
CLASIC/2 is Used Across the Insurance Value Chain
CLASIC/2 enables insurance and facultative reinsurance underwriters, catastrophe risk managers and others, to assess the catastrophe loss potential of individual risks, policies, and portfolios of policies. Utilizing detailed exposure information on each location and policy, CLASIC/2 facilitates individual risk selection and pricing decisions. CLASIC/2 also provides information used to support risk retention and transfer alternatives, growth strategies, and real-time event planning. Reinsurers rely on CLASIC/2 to assess the catastrophe loss potential for reinsurance submissions based on the cedant’s actual locations, building characteristics, and policy terms rather than on industry averages.
TruExposure for CLASIC/2
TruExposure™ for CLASIC/2 is a comprehensive software solution that helps companies better understand and improve the exposure data they use for catastrophe analysis. It enables companies to assess the completeness and reasonability of exposure data, compare exposure data to industry averages in AIR’s U.S. Industry Exposure Database, and enhance exposure data with TruExposure property-specific data when data in the portfolio is incomplete or of questionable quality.