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World Likely to See More Frequent Catastrophic Events
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Given the recent flooding, hurricanes and earthquakes, it appears the number of catastrophic events that inflict mass casualties and severe economic losses has increased. According to Dr. Erwann Michel-Kerjan, managing director of the Wharton Risk Management and Decision Processes Center in Pennsylvania, the higher probability of extreme events doesn't mean the world is coming to an end. But, in this interview with Insurance Journal's Patti Tom, Michel-Kerjan suggests that the higher frequency of occurrences does indicates the insurance industry should re-think the way it looks at risk management.
