Reinsurers say that, depending on the quality of underwriting data insurers submit to them, they could be giving the carrier a credit or hitting them with a surcharge, according to an Ernst & Young consulting firm survey.
Quality of critical data can include the number and location of buildings owned by an organization or the number of retail outlets, said Trish Conway, an actuarial advisor in the Insurance and Actuarial Advisory Services practice of Ernst & Young in the firm's New York office.
Missing data was brought to the forefront after Hurricane Katrina, she pointed out, when losses projected at $20-to-$40 billion in actuality were $60 billion.
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