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\"><style>#nxe-nk4793ez.nxe{display:block;box-sizing:border-box;max-width:1180px;margin:0 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:where([role=\"tablist\"],[role=\"toolbar\"],[hidden],button,.nx-theme-toggle,.nx-live-slot){display:none}#nxe-nk4793ez.nxe img{max-width:100%;height:auto}<\/style><svg class=\"nx-defs\" aria-hidden=\"true\" focusable=\"false\" width=\"0\" height=\"0\"><defs><linearGradient id=\"nx-gi\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-giu\" gradientUnits=\"userSpaceOnUse\" x1=\"0\" y1=\"0\" x2=\"800\" y2=\"0\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-gp\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gp-a\"\/><stop offset=\"1\" class=\"nx-gp-b\"\/><\/linearGradient><\/defs><\/svg><section class=\"nx-hero\" data-layout=\"ledger\" aria-labelledby=\"nx-title-1\"><div class=\"nx-container\"><div class=\"nx-theme-toggle\" role=\"group\" aria-label=\"Appearance of this page\" hidden><button type=\"button\" data-mode=\"light\" aria-pressed=\"false\">Light<\/button><button type=\"button\" data-mode=\"dark\" aria-pressed=\"false\">Dark<\/button><button type=\"button\" data-mode=\"auto\" aria-pressed=\"true\">Auto<\/button><\/div><div class=\"nx-folio\" aria-label=\"Document reference\"><strong>A-P02 \u00b7 INDEX \u00b7 topics<\/strong>GRA dossier \u00b7 service level R0<\/div><div class=\"nx-hero-grid\"><div class=\"nx-hero-text\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">GRA<\/span><span class=\"nx-eyebrow\" aria-hidden=\"true\">\u00b7<\/span><span class=\"nx-eyebrow\">Reinsurance and Catastrophe<\/span><span class=\"nx-eyebrow\" aria-hidden=\"true\">\u00b7<\/span><span class=\"nx-eyebrow\">In development<\/span><\/div><div class=\"nx-accent-row\"><span class=\"nx-accent-rule\" aria-hidden=\"true\"><\/span><span>Reinsurance and Catastrophe \u00b7 Topics<\/span><\/div><h1 id=\"nx-title-1\" class=\"nx-hero-title\">Topics<\/h1><p class=\"nx-tagline\">Topics at Reinsurance and Catastrophe: the pages in this section are listed below, each with its own scope and status.<\/p><div class=\"nx-actions\"><a class=\"nx-btn\" data-variant=\"primary\" href=\"https:\/\/globalriskalliance.com\/reinsurance-catastrophe\/topics\/reinsurance-structures\/\">Open Reinsurance structures <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a class=\"nx-btn\" data-variant=\"secondary\" href=\"https:\/\/globalriskalliance.com\/reinsurance-catastrophe\/\">Back to Reinsurance and Catastrophe<\/a><\/div><\/div><div class=\"nx-hero-panel\"><div class=\"nx-register\" data-variant=\"ledger\"><div class=\"nx-register-head\"><span class=\"nx-eyebrow\"><strong>Reinsurance and Catastrophe<\/strong><\/span><span class=\"nx-eyebrow\">Register<\/span><\/div><ol class=\"nx-register-rows\"><li><a href=\"https:\/\/globalriskalliance.com\/reinsurance-catastrophe\/topics\/reinsurance-structures\/\"><span class=\"nx-register-n\">01<\/span><span class=\"nx-register-k\">Topic<\/span><span class=\"nx-register-v\">Reinsurance structures<\/span><\/a><\/li><li><a href=\"https:\/\/globalriskalliance.com\/reinsurance-catastrophe\/topics\/catastrophe-models\/\"><span class=\"nx-register-n\">02<\/span><span class=\"nx-register-k\">Topic<\/span><span class=\"nx-register-v\">Catastrophe models<\/span><\/a><\/li><li><a href=\"https:\/\/globalriskalliance.com\/reinsurance-catastrophe\/topics\/aggregate-accumulation\/\"><span class=\"nx-register-n\">03<\/span><span class=\"nx-register-k\">Topic<\/span><span class=\"nx-register-v\">Aggregate accumulation<\/span><\/a><\/li><li><a href=\"https:\/\/globalriskalliance.com\/reinsurance-catastrophe\/topics\/protection-gaps\/\"><span class=\"nx-register-n\">04<\/span><span class=\"nx-register-k\">Topic<\/span><span class=\"nx-register-v\">Protection gaps<\/span><\/a><\/li><li><a href=\"https:\/\/globalriskalliance.com\/reinsurance-catastrophe\/topics\/climate-and-natcat\/\"><span class=\"nx-register-n\">05<\/span><span class=\"nx-register-k\">Topic<\/span><span class=\"nx-register-v\">Climate and natcat<\/span><\/a><\/li><li><a href=\"https:\/\/globalriskalliance.com\/reinsurance-catastrophe\/topics\/retrocession-and-capital\/\"><span class=\"nx-register-n\">06<\/span><span class=\"nx-register-k\">Topic<\/span><span class=\"nx-register-v\">Retrocession and capital<\/span><\/a><\/li><li><a href=\"https:\/\/globalriskalliance.com\/reinsurance-catastrophe\/topics\/model-validation\/\"><span class=\"nx-register-n\">07<\/span><span class=\"nx-register-k\">Topic<\/span><span class=\"nx-register-v\">Model validation<\/span><\/a><\/li><li><a href=\"https:\/\/globalriskalliance.com\/reinsurance-catastrophe\/topics\/catastrophe-loss-data\/\"><span class=\"nx-register-n\">08<\/span><span class=\"nx-register-k\">Topic<\/span><span class=\"nx-register-v\">Catastrophe loss data<\/span><\/a><\/li><\/ol><p class=\"nx-register-foot\">GRA \u00b7 In development \u00b7 service level R0<\/p><\/div><\/div><\/div><\/div><\/section> <nav class=\"nx-index-strip\" data-nx-spy=\"true\" aria-label=\"On this page\"><div class=\"nx-container\"><a href=\"#nx-sec-brief-answer\"><span>01<\/span>The short answer<\/a><a href=\"#nx-sec-about-this-section\"><span>02<\/span>Topics at Reinsurance and Catastrophe<\/a><a href=\"#nx-sec-pg-nx-gra-a-p02-tp\"><span>03<\/span>Reinsurance and Catastrophe topics,\u2026<\/a><a href=\"#nx-sec-terms\"><span>04<\/span>Terms used on this page<\/a><a href=\"#nx-sec-pg-sources\"><span>05<\/span>Where this page's references lead<\/a><a href=\"#nx-s-7-sec\"><span>06<\/span>Pages in Topics<\/a><\/div><\/nav> <section id=\"nx-sec-brief-answer\" class=\"nx-section\" data-hue=\"finance\" data-variant=\"stack\" aria-labelledby=\"nx-s-2\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">01<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">In brief<\/span><\/div><h2 id=\"nx-s-2\" class=\"nx-section-title\">The short answer.<\/h2><p class=\"nx-lede\">The Reinsurance and Catastrophe topics are the eight subject dossiers of its field, among them reinsurance structures, catastrophe models and aggregate accumulation. Each dossier sets out how the risk develops, what is measured and in which units, the public sources and their licences, the methods, who decides and the limits of the evidence.<\/p><\/div><\/div><\/section><section id=\"nx-sec-about-this-section\" class=\"nx-section\" data-hue=\"climate\" data-tone=\"alt\" data-variant=\"stack\" aria-labelledby=\"nx-s-3\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">02<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">About this section<\/span><\/div><h2 id=\"nx-s-3\" class=\"nx-section-title\">Topics at Reinsurance and Catastrophe.<\/h2><p class=\"nx-lede\">GRA is a nonprofit business league for the financial services industry. It does not lend, underwrite, rate, invest, advise on or arrange transactions, and readiness work is not approval.<\/p><\/div><\/div><\/section><section id=\"nx-sec-pg-nx-gra-a-p02-tp\" class=\"nx-section\" data-hue=\"systemic\" data-variant=\"stack\" aria-labelledby=\"nx-s-4\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">03<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Topic map<\/span><\/div><h2 id=\"nx-s-4\" class=\"nx-section-title\">Reinsurance and Catastrophe topics, and the question each answers.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><ul class=\"nx-dir\" data-cols=\"2\" aria-label=\"Topic\"><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/reinsurance-catastrophe\/topics\/reinsurance-structures\/\"><span class=\"nx-dir-name\">Reinsurance structures and treaties<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Reinsurance lets insurers pass part of their risk to reinsurers, limiting large and accumulated losses and freeing capital.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/reinsurance-catastrophe\/topics\/catastrophe-models\/\"><span class=\"nx-dir-name\">Catastrophe models explained<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Catastrophe models simulate many possible events, such as hurricanes, earthquakes and floods, and estimate the loss each would cause to a portfolio.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/reinsurance-catastrophe\/topics\/aggregate-accumulation\/\"><span class=\"nx-dir-name\">Catastrophe accumulation and aggregates<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Accumulation is the build-up of exposure to one event across many policies.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/reinsurance-catastrophe\/topics\/protection-gaps\/\"><span class=\"nx-dir-name\">Catastrophe protection gap explained<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">The catastrophe protection gap is the share of economic loss from disasters that is not insured.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/reinsurance-catastrophe\/topics\/climate-and-natcat\/\"><span class=\"nx-dir-name\">Climate change and natural catastrophe<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">A warming climate changes the frequency, intensity and location of natural catastrophes: heavier rainfall, more intense heat, shifting tropical cyclones and drier fuels for wildfire.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/reinsurance-catastrophe\/topics\/retrocession-and-capital\/\"><span class=\"nx-dir-name\">Retrocession and cat bond capital<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Reinsurers buy protection too, through retrocession, and draw capital from investors through catastrophe bonds, collateralised reinsurance, sidecars and industry loss warranties.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/reinsurance-catastrophe\/topics\/model-validation\/\"><span class=\"nx-dir-name\">Catastrophe model validation<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Catastrophe models inform capital, price and rating decisions, so they must be shown fit for purpose.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/reinsurance-catastrophe\/topics\/catastrophe-loss-data\/\"><span class=\"nx-dir-name\">Catastrophe loss data and estimates<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Every catastrophe model, price and parametric trigger depends on loss data: industry loss estimates, insurer claims, economic loss records and event footprints.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><\/ul><\/div><p class=\"nx-p\">Topic pages in Reinsurance and Catastrophe share one structure: mechanisms, indicators, sources, methods, decisions and limits, written for catastrophe modellers and reinsurance underwriters and brokers' analysts.<\/p><\/div><\/div><\/section><section id=\"nx-sec-terms\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" data-variant=\"stack\" aria-labelledby=\"nx-s-5\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">04<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Key terms<\/span><\/div><h2 id=\"nx-s-5\" class=\"nx-section-title\">Terms used on this page.<\/h2><p class=\"nx-lede\">Each term as this page uses it. Where a standard-setting body defines the term, the wording follows that body.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Term<\/th><th scope=\"col\">Definition<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Term\">Quota share<\/td><td data-label=\"Definition\">Proportional reinsurance in which a fixed share of premiums and losses on every policy is ceded.<\/td><\/tr><tr><td data-label=\"Term\">Stochastic event set<\/td><td data-label=\"Definition\">A large simulated catalogue of events, each with a frequency, representing what a peril could produce.<\/td><\/tr><tr><td data-label=\"Term\">Accumulation<\/td><td data-label=\"Definition\">The total exposure that could be affected by one event across a portfolio.<\/td><\/tr><tr><td data-label=\"Term\">Insurance protection gap<\/td><td data-label=\"Definition\">The difference between economic losses and insured losses, for an event, a year or an expected annual figure.<\/td><\/tr><tr><td data-label=\"Term\">Secondary peril<\/td><td data-label=\"Definition\">A peril such as flood, hail or wildfire that is smaller per event than primary perils but frequent and rising in loss.<\/td><\/tr><\/tbody><\/table><\/div><\/div><\/div><\/section><section id=\"nx-sec-pg-sources\" class=\"nx-section\" data-hue=\"climate\" data-variant=\"stack\" aria-labelledby=\"nx-s-6\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">05<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Sources<\/span><\/div><h2 id=\"nx-s-6\" class=\"nx-section-title\">Where this page's references lead.<\/h2><p class=\"nx-lede\">The bodies and documents this page is read against. Status and editions change; each link goes to the issuing body.<\/p><\/div><div class=\"nx-section-body\"><ul class=\"nx-list\" data-nav=\"true\"><li><a class=\"nx-link\" href=\"https:\/\/www.iais.org\/activities-topics\/standard-setting\/icps-and-comframe\/\"><span>IAIS Insurance Core Principles and ComFrame, including the Insurance Capital Standard (adopted December 2024)<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-link\" href=\"https:\/\/eur-lex.europa.eu\/eli\/dir\/2009\/138\/oj\"><span>Solvency II Directive 2009\/138\/EC as amended by the 2025 review (apply from 30 January 2027)<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-link\" href=\"https:\/\/oasislmf.org\/\"><span>Oasis Loss Modelling Framework (open-source catastrophe modelling)<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><\/ul><\/div><\/div><\/section><section id=\"nx-s-7-sec\" class=\"nx-section\" data-hue=\"systemic\" data-tone=\"alt\" aria-labelledby=\"nx-s-7\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">06<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Pages<\/span><\/div><h2 id=\"nx-s-7\" class=\"nx-section-title\">Pages in Topics.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-cards\" data-cols=\"3\"><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/reinsurance-catastrophe\/topics\/reinsurance-structures\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Reinsurance structures<\/h3><p class=\"nx-p nx-mt-1\">Treaty and facultative risk-sharing concepts.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/reinsurance-catastrophe\/topics\/catastrophe-models\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Catastrophe models<\/h3><p class=\"nx-p nx-mt-1\">Event sets, vulnerability and limits.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/reinsurance-catastrophe\/topics\/aggregate-accumulation\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Aggregate accumulation<\/h3><p class=\"nx-p nx-mt-1\">Concentrations across regions and perils.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/reinsurance-catastrophe\/topics\/protection-gaps\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Protection gaps<\/h3><p class=\"nx-p nx-mt-1\">Coverage, affordability and systemic consequences.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/reinsurance-catastrophe\/topics\/climate-and-natcat\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Climate and natcat<\/h3><p class=\"nx-p nx-mt-1\">Changing physical hazards and nonstationarity.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/reinsurance-catastrophe\/topics\/retrocession-and-capital\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Retrocession and capital<\/h3><p class=\"nx-p nx-mt-1\">Layered risk-transfer market dependencies.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/reinsurance-catastrophe\/topics\/model-validation\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Model validation<\/h3><p class=\"nx-p nx-mt-1\">Uncertainty, sensitivity and benchmarks.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/reinsurance-catastrophe\/topics\/catastrophe-loss-data\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Catastrophe loss data<\/h3><p class=\"nx-p nx-mt-1\">Loss reporting and data quality.<\/p><\/a><\/div><\/div><\/div><\/section><section class=\"nx-section\" data-tone=\"alt\" aria-labelledby=\"nx-rel-8\"><div class=\"nx-container\"><span class=\"nx-eyebrow\">Related<\/span><h2 id=\"nx-rel-8\" class=\"nx-h3 nx-mt-2\">Around Reinsurance and Catastrophe.<\/h2><nav class=\"nx-related nx-mt-3\" aria-label=\"Related\"><a href=\"https:\/\/globalriskalliance.com\/reinsurance-catastrophe\/about\/\">Industry scope and publisher <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/reinsurance-catastrophe\/sector\/\">Financial discipline overview <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/reinsurance-catastrophe\/research\/\">Professional research <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/reinsurance-catastrophe\/innovation\/\">Technology and emerging practices <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/reinsurance-catastrophe\/readiness\/\">Resilience and finance readiness <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/reinsurance-catastrophe\/programmes\/\">Research and industry programmes <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/reinsurance-catastrophe\/\">Reinsurance and Catastrophe home <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 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