October 2014
Intermediate to advanced
584 pages
22h 2m
English
Content preview from Pricing in General Insurance
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Catastrophe Modelling
One of the key risks that organisations face is exposure to catastrophes – for example, a pro-
duction plant may be destroyed by an earthquake, a tsunami or a hurricane. The reason why
we have a chapter devoted specically to catastrophes is that standard actuarial techniques
do not work for catastrophes: catastrophes are very rare events at the client’s level and if one
looks at the experience over a short period of 5 to 10 years, as is customary for other risks
such as motor or employer’s liability or re-related property damage, one normally sees no
loss activity at all. If a client has been particularly unlucky
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