Probabilistic accumulation approach to assess primary uncertainty in catastrophe models
US10878329B1 · kind B1 · utility
1Cited by
3References
16Claims
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Key dates
| Filing date | May 12, 2017 |
| Grant date | Dec 29, 2020 |
| Priority date | — |
| Expiry date | Sep 7, 2039 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06F2111/10
- WIPO fieldComputer technology
- WIPO sectorElectrical engineering
Abstract
The probabilistic accumulation method is an independent and comprehensive approach for validating third-party catastrophe models. The method starts with a standard technique, namely, a limited scenario accumulation analysis, and extends the approach via a novel sampling methodology to evaluate the third-party models against a significantly larger data set. The sampling approach includes a technique for extending the fixed frequency and severity assumption used by the vendor catastrophe models. The result is a more complete set of loss estimates against which to evaluate the vendor model output.
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