Thursday, July 18, 2013

Casualty Insurers Revisit Models After Watching Sharknado

Yes, there is an actual movie called Sharknado. It stars a talented cast led by Tara Reid.  It’s getting a bunch of attention lately.

Some of that attention has reached P&C actuaries.

One actuary is an expert in assessing the damage caused by tornadoes.

“I never in my life considered adding the potential hazard of a hurricane generating shark laden cyclones.  After watching this movie, I’ll be adding some other variables to my equations, that’s for sure.”

When asked if insurers incorporate other Hollywood ideas into their movies, a high-level executive explained his company’s philosophy.

“Most of the stuff you see out there: alien invasions, end of the world scenarios (including zombie apocalypse), killer robots, they are all total loss events.  There is nothing left, so neither we, nor our insureds, nor their beneficiaries will be around. So for most of it, we just don't care”

Then he was eaten by a pack of velociraptors that had escaped from an island off the coast of Florida where scientists had discovered how to extract DNA from fossilized amber.

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