The Reinsurance and Joint Risk Management Sections and the Committee on Life Insurance Research are pleased to announce the release of a new report to help financial and insurance practitioners better recognize, assess and respond to large-scale, large impact rare events (LSLIREs). Authored by Guntram Werther of Temple University, with the assistance of Thomas Herget, this paper provides a holistic framework for foreseeing LSLIREs. Among the topics covered in the report include the definition of a black swan vs. LSLIRE; why current recognition methods for these extreme events fail; potential solutions for better foreseeing emerging LSLIREs; and how to improve timing and recognition of the trigger points within an LSLIRE.
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