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Tsunami

Using Catastrophe Models

by Nick Lamparelli

Today we have the third part of our series on Catastrophe Modeling. Click here for part one and here for part two. “If you challenge conventional wisdom, you will find ways to do things much better than they are currently done.” Bill James (author of Baseball Abstracts and Godfather of “ Moneyball”) In this, my final … Read more

Categories CATs Tags Black Swan, CAT Modeling, Earthquake, Hurricane, Tornado, Tsunami
Rendering of The End Of Insurance As We Know It
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Definitioner

Lines of Business
The different things that you can buy insurance on. For example: Your car, house, business.
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.
Reinsurance
Insurance for insurance companies.
Agency
The company the agent works for.
Underwriter
The person who decides to accept or not accept your offer to pay a company for the promise that they will pay for things you break or lose.
Risk Management
The way we study how things can go wrong and try to lower the chances that they will go wrong.
Policy
A written paper that explains in long words the promise you have bought from the company and what is covered or not covered.
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.
Probability
The chance that an event will happen written as a number.
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.