The infographic above summarize this whitepaper (originally published by Oasis LMF) from Dr. Nigel Winspear. In his paper Dr. Nigel speaks about five challenges faced by the industry while giving explanation of each issue in detail:
- Validating the Accuracy of CAT Models
- Modelling Individual Properties
- Modelling Aftershocks
- Missing FFE Models
- Missing Tsunami Models
The infographic above summarizes these five issues.
About Catastrophe Modelling
If you are new to this topic, here is a bit of quick introduction. Catastrophe modelling is the process of simulating catastrophic events using knowledge from different domains (science, technology, engineering, statistics etc.) to estimate losses that can be expected on a given portfolio of interest. More about it here.
About Dr. Nigel Winspear
Dr. Nigel Winspear is Director at CATRISX SERVICES LTD, focussed on CAT model validation and research. He specialises in CAT loss modelling of all kinds, including earthquake, hurricane and tsunami, in North America, Europe and Asia-Pacific. His skill portfolio also includes climate change, having studied the naturally driven origin and impacts of megadroughts in the U.S. Great Plains in the past few thousand years for his PhD. Nigel’s most recent decade of major roles include Head of Model Evaluation at SCOR Global P&C; Regional Head of CAT Management at SCOR Asia Pacific, and Head of CAT Management at Aon Benfield Asia. Prior to this he was Senior Consultant at MapInfo and before this, Team Leader of the Model Development Group at EQECAT (Europe).