Know-how
What Is a Catastrophe Insurance?
Dec 09, 2023
"Catastrophe" in the insurance market refers to an extraordinarily catastrophic natural or manufactured calamity. Suppose claims are predicted to exceed a specific amount, presently $25 million, and many policyholders and insurance firms are affected. In that case, an incident is classified as "catastrophic" by the industry. From 1997 to 2016, 39.9% of all insured catastrophic losses in the United States were caused by tornadoes, including includes wind, hail, and flood losses connected to tornadoes.