The Reilly formula is a method used to estimate the probable maximum loss (PML) of a particular asset or group of assets in the context of insurance and risk management. The formula helps organizations estimate potential losses from catastrophic events like natural disasters, based on historical data, exposure factors, and other variables. While there may be variations or specific interpretations of the Reilly formula in different contexts, the general aim is to provide a statistical approach to understand potential risks and losses.

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