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Catastrophe bond structures, then as now, relied on full collateralization of the underlying risk transfer and offered protection only to a single client for a limited set of perils.
"Il s'agit de la plus grande catastrophe depuis de longues annees", a commente le Premier ministre polonais Donald Tusk, qui s'est egalement rendu sur place.
Catastrophe models allow us to change the numbers to our heart's content, and watch all the cells in the hundreds of columns and thousands of rows turn like an odometer.
Many policies today are still underwritten using hazard-based assessments of catastrophe risk.
'China Earthquake Catastrophe Model v2.0' is a concerted milestone achievement by the government, academia and enterprise.
Allstate previously announced $763 million, pre-tax ($603 million, after-tax), in estimated catastrophe losses for the months of April and May 2019, bringing estimated catastrophe losses for the second quarter 2019 to $1.07 billion, pre-tax ($847 million, after-tax).
The insurance industry must wake up to the growing cost of "secondary" catastrophe perils, which amounted to more than 60 percent of the $76 billion price tag for insured natural catastrophe losses during 2018, according to Swiss Re Institute's latest sigma study.
The phenomenon of reinsurance rates stagnating following a high catastrophe year is not new to the industry.
However, Fitch believes the non-life insurance groups may revise down their earnings forecasts for the fiscal year ending March 2019 (FYE19) due to high catastrophe losses from the storm.
The purpose of Perils is to enhance transparency to the natural catastrophe risk landscape, thereby ensuring its stability in the market, by providing high-quality data relevant to the insurance industry.
The next section introduces the catastrophe risk and the challenges that it poses for the risk management process of a company.
The demand from both commercial and public interests (including (re)insurers, NGOs, global disaster management agencies, and local authorities) for sophisticated catastrophe risk assessment tools has never been greater, and contemporary catastrophe modelling satisfies that demand.