ILS firms pragmatic on the efficacy of natural catastrophe models

11 October 2021

“All models are wrong, but some are useful,” said the late British statistician George Box. The World War II veteran and Imperial Chemical Industries researcher of the early 1950s is not alive to share thoughts on catastrophe modelling, but his aphorism applies well to today’s industry discussion.

Hurricane Ida sparked a fresh round of angst about cat modelling and gnashing of teeth about post-event loss estimates.

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