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The absence of very severe catastrophes and a quiet hurricane season in the North Atlantic meant that losses from natural catastrophes in 2014 were much lower. At US$ 7bn, the most expensive…

Leonardo da Vinci once claimed that all our knowledge has its origin in our perceptions. Thus, our (presumed) knowledge of risks also depends hugely on our very subjective and therefore highly…

The assumptions of Gauss have formed the basis of public finance for more than a century. Traditional models and analytical methods for portfolio maximisation usually rest on the assumption that…