The Insurance and Actuarial Advisory Services (IAAS) practice of Ernst & Young released its quarterly outlook addressing key trends and issues facing insurers, including the need for property/casualty companies to improve data quality to enhance catastrophe modeling.
The 2004 and 2005 hurricane seasons revealed weaknesses in commonly used catastrophe risk-modeling techniques. Among the major revelations, it was determined the quality of exposure data, especially for commercial lines of business, was insufficient. Ernst & Young suggests the following steps for improving data quality:
Define a data governance process addressing who owns data and data quality.
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