Probabilistic accumulation approach to assess primary uncertainty in catastrophe models
US12236368B1 · kind B1 · utility
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20Claims
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Key dates
| Filing date | Dec 9, 2020 |
| Grant date | Feb 25, 2025 |
| Priority date | — |
| Expiry date | Dec 27, 2043 |
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 part models against a significantly larger dataset. The sampling approach includes a technique for extending the fixed frequency and severity assumption used by the vendor catastrophe models. The result is more complete set of loss estimates against which to evaluate the vendor model output.
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