Catastrophic loss

{
  "id": "MLC-T-INS-000713",
  "term": "Catastrophic loss",
  "field": "Insurance and risk management",
  "definition": "A severe loss of extraordinary magnitude resulting from a single, devastating event that affects a large number of policyholders or a high concentration of insured value. Such events include natural disasters like hurricanes, earthquakes, and widespread flooding, or man-made disasters like terrorist attacks. Reinsurance and catastrophe bonds are primary tools insurers use to manage the financial impact of these losses, which can exceed billions of dollars for a single occurrence.",
  "url": "https://mlchart.com/terminology/insurance/catastrophic-loss/"
}