Analyzing and Managing Extreme Risks in Insurance and Finance

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Extreme risks come from rare events accompanied by disastrous economic and social consequences; for example, the 2008 financial crisis, which directly led to the 2008 – 2012 global recession, and the 2016 Fort McMurray wildfire, which is the costliest disaster in Canadian history. These man-made or natural catastrophes, which produce outliers in statistical data, all substantially affect the financial markets and (re)insurance industry. Due to these disastrous consequences, a well-functioning risk management system is of crucial importance.