Reinsurance Archives • InsNerds.com

Profiles in Risk – Episode 34: David Wright and I Discuss Careers In Reinsurance & Broker Disintermediation

OR SUBSCRIBE If you are reading this or listening to the podcast, you can thank Dave. I decided to try blogging (and subsequently decided to try podcasting) because I read one of Dave’s blog articles. We discussed blogging, podcasting, and studying for actuarial exams. Oh and Dave is a reinsurance broker, a partner at … Read more

Understanding Catastrophe Models

by Nick Lamparelli

Today we have part two of our our series on Catastrophe Models. You can read part one here. “You stop sending me information, and start getting me some.” Gordon Gekko In this, the second part of our series on CAT models, we will go into the guts of a catastrophe (CAT) model and explain how they … Read more

Definitioner

Secondary

A insurance policy that only pays when another insurance policy has paid all it is allowed to.

Occupancy

What a building is used for.

Construction

How a building is built and out of what things it is made.

CAT Model

A computer system that takes good guesses about how much money catastrophes will take to fix.

Catastrophe

Something very big breaking the houses and businesses of a lot of people at the same time.

CAT (Catastrophe)

Something very big breaking the houses and businesses of a lot of people at the same time.

Insurer

A company who promised to pay for big things you break or lose if you pay them a little money before it happened.

Premium

The little bit of money that the company asks you to pay for the promise that they will pay a lot of money if you break or lose something covered by their promise.

Risk

Chance of something changing either for better or worse.

Insurance

Paying a company a little money for the promise they will pay a lot of money for things we break or lose without meaning to.