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Over the past two decades, the use of computer modeling to estimate potential future catastrophe losses has become standard practice among insurers and reinsurers. Today, modeling technology is increasingly being used by the corporate risk manager to help assess risk and develop strategies to manage it.

Risk management strategies may include transferring the exposure to another party, accepting some or all of the consequences of a particular risk, or mitigating its effects. One thing that should be at the forefront for all corporate risk managers, however, is the need to account and plan for losses resulting from catastrophes.

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