Legacy portfolio modeling now available in Oortfolio!
- Upload portfolios of in-force and legacy casualty policies characterized by inception and expiration dates, form, limit, attachment, treatment of defense costs, and exclusions
- Explore drivers of expected and tail losses in these in-force and legacy portfolios
- Use detailed model output to analyze the distribution of probabilistic losses by policy year and other policy characteristics
A brief summary of Oortfolio's legacy modeling capabilities follows. Please contact your account manager for more detailed explanation.
Legacy modeling capabilities
Praedicat's casualty catastrophe model allocates Litagion-level economy-wide latent catastrophe losses to companies and policy years. But, up until now, Oortfolio calculated losses attributable to current year/in-force policies only. With this release, Oortfolio users can now obtain portfolio-level loss estimates for both in-force and legacy policies written on the occurrence form. Legacy (expired) integrated occurrence and claims made policies are assumed to generate no future loss.
The Oortfolio portfolio upload template now requires that users enter an inception and end date for every policy (mm/dd/yyyy format). Oortfolio uses these policy dates to determine which policies are allocated current policy year losses and which policies are allocated prior policy year losses. Policies with expiration dates following the date on which the portfolio was uploaded are allocated current year policy losses. Policies that expired within one year prior to the current upload date are allocated the previous year's policy losses. Policies that expired between one and two years prior to the current upload date are allocated policy losses from two years ago, and so on.
The Oortfolio application does not currently display estimated losses by policy year. Losses by policy year, however, are reported in the full event loss table data files available for download from Oortfolio's reports section. Contact your account manager to enable ELT access if access has not already been granted.
Portfolio upload enhancements
This release includes several enhancements to the Oortfolio portfolio upload process:
- Oortfolio now defines a portfolio in terms of its name and the inception date of the portfolio's most recent policy. This enhancement allows users to create multiple snapshots of a portfolio using the the same portfolio name (e.g., "North America Excess Casualty" with snapshots taken 3/31/2020 and 6/30/2020). The portfolios table in Oortfolio now lists the name of the portfolio and the inception date of the portfolio's most recent policy. Oortfolio will not allow users to upload portfolios with the same name and most recent inception date as an existing portfolio.
- Users no longer need to rename the Oortfolio upload excel template each time they upload a new portfolio
- Oortfolio now supports portfolio upload templates containing up to 100,000 rows
In order to improve Oortfolio's overall performance with larger legacy portfolios, we have deprecated a number of features in Oortfolio that were designed to facilitate "real-time" portfolio steering, but, in practice, have seen little use. Deprecated features include:
- Recalculating portfolio losses after excluding one or more Litagion agents in Oortfolio's Aggregate Exposure and Loss Latency sections
- Adding, deleting, or otherwise modifying policies in an existing portfolio
We have also deprecated the following exposure metrics from Oortfolio's Litagion Exposure section: ground-up unlimited future loss, limited future loss above attachment, ground-up unlimited policy year loss, and ground-up limited policy year loss. And Oortfolio will no longer generate the "Litagion/Aggregate Exposures" report. The deprecated exposure metrics and the tabulations contained in the exposures report can all be calculated using Oortfolio's event loss table data files. Your account manager can assist you with this as needed.