Flip the Cap Episode 11: Decoding Catastrophe Modeling with Bruce Norris
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Flip the Cap Episode 11: Decoding Catastrophe Modeling with Bruce Norris
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About this listen
In this episode, Jencap Director and certified catastrophe modeler, Bruce Norris delves into the intricacies of catastrophe modeling with our host, Kathryn Smith. With decades of experience in catastrophe analysis and technology, Bruce sheds light on the fundamentals of CAT modeling, explores the nuances of PML and AAL, and how a model’s data impacts insurance outcomes.
Episode Highlights:
- 9:24 How Bruce's backpacking hobby led to sightings of his spirit animal
- 10:49 Revealing the "favorite failure" that paved the path to Bruce's biggest success
- 16:33 Understanding CAT modeling and its crucial role in the insurance industry
- 18:46 Breaking down PML and AAL
- 20:45 Why the model and carrier pricing aren't always in sync
- 22:42 What factors are influencing the data in the model?
- 25:05 The importance of quality and well formatted data
- 27:02 The relationship between ITV and CAT modeling
- 28:26 Jencap’s property team advantage
Learn more about Jencap’s expansive property capabilities at https://jencapgroup.com/custom-solutions/property/
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