Is it time to turn away from cat model "overreliance"?

An article from Insurance Business mag.

With the tide of natural catastrophe property losses rising, does the insurance industry need to be less dependent on catastrophe risk modelling, or “cat” modelling?

Cat modelling is the process of using computer-assisted calculations to estimate potential losses in a natural disaster based on historical data. Since it was introduced in the 1980s, cat modelling has quickly evolved to a global standard technology that underwriters used to measure exposures to hurricanes, wildfires, and earthquakes.

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