The NORSAR–LOSS software is customized to the demands of the insurance industry for computing potential economic losses in a portfolio of insured assets, such as buildings and contents as well as business interruption.
Other features of the software include:
- easy expansion of the software to include any insured component
- scenario earthquakes, nationwide hazard maps or tsunami hazard
- portfolio manipulation through flexible filtering criteria
- (on demand) inclusion of customized financial loss functions involving retained losses, coinsured losses etc. reflecting on insurance policies
- (on demand) inclusion of building- and environment-specific vulnerability functions.
The software algorithms are based on that included in NORSAR’s SELENA Open Risk software and expanded by advanced numerical methods provided by ATC and FEMA. NORSAR–LOSS computes losses based on the Maximum Damage Ratio (MDR) caused by earthquakes and tsunamis for a specific insured property portfolio. The software is able to use hazard maps (e.g. PSHA based for given return periods) or deterministic scenarios as inputs. Tsunamis can be defined as predefined deterministic scenarios (see Figure below).
Principle flowchart of the current NORSAR–LOSS version resulting in the various economic consequences for a certain portfolio of assets.
The NORSAR–LOSS software is a flexible tool which NORSAR offers to customize to the demands of individual insurance companies. Whether a customer asks for the inclusion of other methodologies and procedures, building typologies and infrastructure facilities, hazard types, or geographical scope, NORSAR will address requested changes and come up with a tailored solution.