The casualty insurance industry is currently facing an almost unprecedented number of large litigations that could drive insured losses into the tens of billions of dollars: glyphosate, PFAS, opioids, social media, hair relaxer, and heavy metals in baby food.

These casualty catastrophes, unlike those in property, usually develop over years or decades, making them harder to detect and model. Also, unlike an earthquake or hurricane, each casualty catastrophe has unique properties that make historical data less useful compared to the way historical losses in the property industry support developing robust catastrophe models.