Catastrophe
Insurance Policyholder Taxation Manual, published by HM Revenue & Customs on 19 March 2016, defines a catastrophe as: ‘an event leading to substantial losses, such as an explosion, hurricane or earthquake.’
It defines catastrophe insurance as: ‘a form of excess of loss reinsurance under which the ceding insurer is indemnified, subject to a specified retention and an over-riding limit, against an accumulation of losses arising from a catastrophic event (for example, an earthquake or hurricane).’
See also: Catastrophe bonds.
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