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Understanding the Limitations of Risk Models

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"Your uncertainty is costing you money. See how Risk Scoring can help you reduce it. "All models are wrong, but some are useful."

As models increase in sophistication and application, it is becoming ever more important to remember these words of George Box, who reminds us that risk models inherently contain limitations. Yet it is only by understanding these limitations that sound evaluations of modeled results can be made.

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In this free eBook, "Model Behavior: Unreliable, Yet Indispensable" we explore the limits of three common types of models used in property insurance:

  • FEMA's Flood Insurance Rate Maps (FIRMs)
  • Catastrophe (Cat) Models
  • Actuarial models based on historical claims

The perspectives and information presented will help you identify and address the uncertainty in the models you rely on, thereby improving your underwriting.

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