Catastrophes: Insurance Issues

Wednesday, December 12th, 2007 Catastrophe Property

The term “catastrophe” in the property insurance industry denotes a natural or man-made disaster that is unusually severe and affects many people. An event is designated a catastrophe by the industry when claims are expected to reach a certain dollar threshold, currently set at $25 million, and more than a certain number of policyholders and insurance companies are affected.

External References & Further Reading