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Multiline Data Schema Consultation Document (V0.9)

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The Centre for Risk Studies is coordinating the development of a data schema to capture insured exposure in the main lines of insurance business, with support from RMS. 

Overview

Consultation Document V.09 is part of the Centre for Risk Studies’ development of a data schema to capture insured exposure in all the main lines of insurance business. It focuses on the Phase One classes of insurance: Marine, Aviation, Energy and Casualty. This document populates the core dictionaries associated with each schema, and builds upon the feedback received from the v.05 consultation document. We welcome feedback from the wider community as we continue to develop the schema. 

Aims and objectives

The project will develop an open source multi-line data schema to capture the most significant lines of insurance across all geographical markets. The data standard will be agnostic to the platform on which it is implemented.

The proposed schema will provide a standard minimum set of exposure data fields that will enable insurance industry participants, both insurers and reinsurers to: 

  • Provide a more comprehensive and standardised framework for monitoring and reporting exposure enterprise-wide and function as a system of record, for risk managers, brokers, consultants, and analysts. 
  • Improve interchanges of data between market players to improve risk transfer to reinsurers and other risk partners, reporting to regulators, and information exchanged for risk co-share, delegated authority, and bordereau activities. 
  • Apply accumulation risk model scenarios for classes of business that currently have less well-developed models available for them. 
  • Support clash model analysis for scenarios that impact multiple lines of insurance. 
  • Enable a new generation of models and risk analytics as well as expand the scope of potential risk management applications. 

The schema will aid in the development of a more unified industry through increasing the capability for dialogue and cross communication.