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U.K. Peril Rating Databases
The U.K. Peril Rating Databases (PRDs) cover the major
perils that impact household insurance pricing for U.K. primary
insurers. The product includes average Annualized Loss Ratios (ALRs)
which can be used to compute Average Annualized Losses (AALs); and
hazard values by return period for each postcode for each peril. The
PRDs have been developed using hazard and vulnerability models and
calibrated with actual claims data wherever possible. Vulnerabilities
and loss ratios vary with age of construction and occupancy type,
depending on the hazard.
Windstorm
The Windstorm PRD is derived from the RMS U.K. Windstorm
Detailed Loss Model and provides ALRs for all affected
postcode units in the U.K. including Northern Ireland. The impact of
surface roughness, topography, building codes and construction are all
incorporated in the databases. The Windstorm PRDs also includes banded
peak gust surface windspeeds for each postcode unit and ALRs and return
period windspeeds at postcode sector resolution.
Storm Surge
The Storm Surge PRD is derived from the RMS U.K. Storm
Surge Detailed Loss Model and provides ALRs for all
affected postcode units in the high risk region of the East coast of the
UK – Kingston-upon-Hull to Ramsgate. The impact of defense overtopping,
and total defense failure are incorporated in the PRD, including the
failure of the Thames Barrier near London at very high return periods. The affects of topography, building codes and construction are all also
included. Banded surge surge flood depths for a range of return periods
are available for each postcode unit as well as ALRs at postcode sector
resolution.
River Flood
The River Flood PRD is derived from the RMS U.K. Flood
Detailed Loss Model and provides ALRs for all postcode units
in mainland Great Britain. ALRs are provided for all locations within
the major floodplains as well as for locations outside on the
floodplains which are susceptible to flooding from small streams, sheetflow and flooding due to raised groundwater levels. Furthermore,
losses from ‘non-catastrophe’ events (such as thunderstorms and
peripheral flooding) and the impacts of different meteorological
conditions, flood defenses, topography, building codes and construction
have been incorporated into the PRD. Banded flood depths for a range of
return periods are available for each postcode unit as well as ALRs at
postcode sector resolution.
Theft
The Theft PRD incorporates police force divisional
breakdowns for a range of property-related crimes, including burglary
and motor theft, supplemented by information from the British Crime
Survey. Key socio-economic indicators such as unemployment rates,
household density, family structure, and housing type are derived from
national census statistics and data on the U.K. housing stock. Using
multivariate analysis calibrated with claims data, this profile is used
to assess the relative frequency and severity of theft experience in
different areas. RMS has calibrated the results individually for the six
largest urban regions in the U.K., with coverage offered at both sector
and unit resolution.
Fire
The Fire Rating Profile incorporates fire statistics from
each of the 62 fire brigade areas in the U.K., with additional data from
the British Crime Survey. Claims cost data is used to determine
annualized loss rates for each postcode, with socio-economic and
occupancy modifiers. Data is provided at sector resolution.
Freeze
The Freeze PRD estimates freeze-related losses across the
U.K based on a climatic zoning of the country that identifies
degree-days of frost expected seasonally in each zone. Data on
burst-pipe claims are incorporated within the results to derive
annualized loss rates for the whole country at sector level.
Subsidence
The U.K. Subsidence PRD
consists of six sub-perils covering the major causes of subsidence in
the U.K.:
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Shrinkable soils |
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Natural consolidation |
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Landslide |
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Solution cavities |
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Man-made fill |
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Mining |
While shrinkable soils is the key driver of
loss at the national scale, the remaining subsidence sub-perils
contribute significantly to loss experience at the local scale,
depending on location, frequency, and severity. This rating profile
differentiates building stock vulnerability based on the foundation
type.
A variety of data sources are used in the derivation of this rating
profile including mapped information on soil and underlying geology type
from the British Geological Survey, data on soil rainfall evaporation
from the Meteorological Office, drainage density, recorded mining
history, and previous land-use. Subsidence data is offered at sector and
full unit resolution.
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