What type of checks do you perform to ensure that the risk metrics are accurate? Do you do any backtesting?

We regularly review and update our data, conduct backtesting on major events to look at model success levels and conduct quality assurance tests on all data sets. Regular review of data Data is regularly reviewed and generally updated in our system once these updates have become available and been evaluated. Flood data is typically updated several times a year for different locations. Climate data is generally updated as (a) new Coupled Model Inter-comparison (CMIP) models are released, and (b) as downscaling is created by global research teams to the accuracy required for use by the Climate Risk Engines. Backtesting Examples of major events we conduct backtesting for include the 2021 EU floods, long term UK flood losses, recent flood events in Australia and the Californian fires. Quality Assurance tests Sample quality assurance reports are agreed at time of contracting.