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Catastrophe Modeling in the Classroom

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  • Patricia Born
  • William Martin

Abstract

Catastrophes are by definition rare, which makes it difficult to project future losses using historical loss information. Catastrophe modelers have developed alternative methodologies based on sophisticated techniques that combine physics, meteorology, engineering, statistics, actuarial sciences, and other disciplines to provide estimates of the likelihood of losses from extreme events. This article discusses the basics of catastrophe modeling and describes an approach to implementing a lesson on catastrophe modeling in the insurance curriculum.

Suggested Citation

  • Patricia Born & William Martin, 2006. "Catastrophe Modeling in the Classroom," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 9(2), pages 219-229, September.
    • Handle: RePEc:bla:rmgtin:v:9:y:2006:i:2:p:219-229
    DOI: j.1540-6296.2006.00095.x
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    File URL: https://doi.org/10.1111/j.1540-6296.2006.00095.x
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    Cited by:

    1. Ciumas Cristina & Coca Ramona Alexandrina, 2013. "Catastrophic Events Modeling," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 987-996, July.
    2. E. Michel‐Kerjan & S. Hochrainer‐Stigler & H. Kunreuther & J. Linnerooth‐Bayer & R. Mechler & R. Muir‐Wood & N. Ranger & P. Vaziri & M. Young, 2013. "Catastrophe Risk Models for Evaluating Disaster Risk Reduction Investments in Developing Countries," Risk Analysis, John Wiley & Sons, vol. 33(6), pages 984-999, June.
    3. John Garvey & Patrick Buckley, 2011. "Using Technology to Encourage Critical Thinking and Optimal Decision Making in Risk Management Education," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 14(2), pages 299-309, September.
    4. Kevin C. Ahlgrim & James R. Jones, 2014. "Insurance Rating Games: Strikes, Spares, and Bags," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 17(2), pages 297-313, September.

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