A three-dimensional steady state thermal model is developed for a compound parabolic concentrator of 2× concentration considering the effects of surface radiation and wall conduction. The performance of the compound parabolic concentrator is modeled to obtain the convective and radiative heat loss under the influence of different parameters such as absorber temperature, absorber emissivity, ambient temperature, external heat loss coefficient, aspect ratio and concentrator tilt. The turbulent natural convection in the concentrator is modeled using standard two equation k-ε turbulent model with enhanced wall treatment. The work clearly demonstrates the need for a three dimensional numerical simulation and coupled natural convection and radiation to exactly reproduce the velocity fields as would be obtained in experiments. The convective Nusselt number, radiative Nusselt Number and thermal stratification are obtained from the parametric study. This study on estimation of heat losses in compound parabolic concentrator is applicable to both solar thermal and solar photo-voltaic collectors with a view of modifying the concentrator design to optimize its thermal performance.