Catastrophe modelers, through their near-term models, have overshot actual insured losses for 2006 through 2010 by as much as $53 billion.
Karen Clark & Company has issued its third annual report on the performance of three near-term catastrophe models, which have “significantly overestimated” losses during the five-year period.
The near-term hurricane models were intended to be reflective of loss expectations for the five-year period, 2006-2010.
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