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Chapter 7 Catastrophe models (Key perils modelled (tropical cyclones,…
Chapter 7 Catastrophe models
Basic structure
Event module
Hazard module
Inventory (exposure) module
Vulnerability module
Financial analysis module
Key perils modelled
tropical cyclones
extra-tropical cyclones
tornadoes
earthquakes
hailstorms
winter storms
floods
infectious disease
terrorism
Use of catastrophe models
Aggregate modelling
Pricing
Capital allocation and assessment
Reinsurance purchase
Reserving - assessment of events
Catastrophe models need to allow for
Frequency and severity trends
Approximations where necessary, for mathematical tractability
Data quality and quanity
Unmodelled events