What does Catastrophe Loss mean? Read on to discover the definition & meaning of the term Catastrophe Loss - to help you better understand the language used in insurance policies.
A catastrophe loss refers to a type of loss that is extremely serious and random. In other words, it is one that has a devastating effect and cannot be foreseen. Thus, it is very difficult to prepare for without insurance. Catastrophe insurance exists to prevent individuals and businesses from suffering immense financial losses in the event of a major disaster.
We hope the you have a better understanding of the meaning of Catastrophe Loss.