Black swan theory was bound to show up in the insurance industry, but so far there has been limited discussion. Do you know what a black swan is? Black swans are important in assessing future insurance losses, but are they adequately represented in the models? The term originates from a book called The Black Swan: The Impact of the Highly Improbable by Nassim Nicholas Taleb (also see here, or see Recent Books on the left of this blog). Wikipedia provides...
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