Catastrophe modelling - assessing the impact of the unknown
Shane Latchman and Tom Garner from AIR Worldwide
In this talk, Shane and Tom will introduce the concept of catastrophe modelling and its use within the insurance industry. Catastrophe modelling is a truly unique sector incorporating a blend of mathematics and physics to produce hybrid statistical-physical models for use in estimating losses from natural disasters. The financial impact of many natural disasters is assessed including those from hurricanes, earthquakes and floods and this information is vital for insurers, reinsurers and governments for use in risk management strategies and disaster mitigation. This talk will explain the type of mathematical and physics based techniques currently used in the industry and the importance of capturing and communicating uncertainty to a range of audiences.