Model development and upgrades cost time and money. Errors in insurance companies models can be costly, in terms of money and time, to remediate as well as result in harmful effects such as under or over reserving, financial losses, reporting errors or missed opportunities
Tail risks of life catastrophe arise from extreme events, such as pandemics or terrorist attacks. Because such events are rare, recent mortality experience data doesn't help with estimating the risk from future extreme events.
As well as the Olympics, east London hosted another globally important event in 2012. This other event was much less reported in fact you might not have heard of it. A major scientific conference Planet Under Pressure was held in March with more than 3000 delegates