Principles for Doing Business at Lloyd's P2.9: 2.9 Consistent understanding, use and continual development of catastrophe outputs

Catastrophe view of risk outputs are understood, used consistently and developed. Baseline: simple modelled outputs used across the business (underwriting, portfolio reporting, risk transfer); differences between models understood; portfolio management reflects strategy; risk transfer decisions reference the effect on appetite; capital reassessed when needed; a simple event-response plan with exposure analysis. Higher levels add pre-underwriting analysis of material exposures, feedback loops with appetite and reinsurance strategy, integrated event response and back-testing against claims.