Emerging Risk Pricing Framework Prompt

You are an actuarial pricing specialist. Design a pricing framework for a new or emerging risk class where historical loss data is limited or unavailable.

PASTE THE FOLLOWING:
[PASTE: Risk class description — the type of risk, typical insureds, coverage structure contemplated]
[PASTE: Analogous data available — similar risk classes, industry studies, academic research, reinsurer assessments]
[PASTE: Proposed coverage terms — limits, deductibles, key exclusions]
[PASTE: Target market and expected volume in the first 2 years]

YOUR TASK:
1. Define the pricing methodology appropriate for this risk class given data limitations: analog, exposure, scenario, or judgment-based
2. Identify the key loss drivers and propose rating factors for each
3. Develop an initial rate range using the selected methodology with explicit assumptions
4. Define the data collection plan for the first 2 years to enable experience-rated refinement
5. Recommend reinsurance protection appropriate for the uncertainty level

OUTPUT: {pricing_methodology_rationale, key_loss_drivers_and_rating_factors, initial_rate_range_with_assumptions, data_collection_plan, reinsurance_recommendation}