By Patricia Grossi, Howard Kunreuther
Catastrophe Modeling: a brand new method of dealing with threat is the 1st booklet that systematically analyzes how disaster types can be utilized for assessing and dealing with hazards of maximum occasions. It specializes in average catastrophe threat, but in addition discusses the administration of terrorism danger. a different function of this ebook is the involvement of 3 prime disaster modeling organizations, AIR around the world, EQECAT, and threat administration options, who learn the position of disaster modeling in expense environment, portfolio administration and threat financing.
Using information from 3 version towns (Oakland, CA, lengthy seashore, CA and Miami/Dade County, FLA), specialists from the Wharton college of the college of Pennsylvania learn the function of disaster modeling to enhance chance administration ideas for lowering and spreading the losses from destiny mess ups. Given the uncertainties linked to terrorism the booklet issues out the possibilities for using disaster versions to set coverage premiums and to check public-private partnerships for offering monetary information within the occasion of a terrorist assault.
"This e-book fills a severe desire in surroundings forth the position of recent danger research in handling disaster danger. there is not any related reference paintings for this crucial topic region. The e-book is definitely written and good geared up. It includes contributions from a few of the so much amazing specialists within the fields of danger research and chance administration. It moves an outstanding stability among the technical elements of the topic and the sensible elements of determination making."
"This ebook is strongly suggested for those who needs to make judgements in regards to the administration of affects of disaster dangers together with these in either the private and non-private sector."
Wilfred D. Iwan
Professor of utilized Mechanics, Emeritus
Director, Earthquake Engineering examine Laboratory
California Institute of Technology
"The authors have captured the essence of disaster modeling: its worth, its software and its barriers. each practitioner within the disaster probability box should still learn this book."
Franklin W. Nutter, President
Reinsurance organization of America
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Extra resources for Catastrophe Modeling: A New Approach to Managing Risk
3. 3 events in Charleston, South Carolina region. Another output option is the exceedance probability (EP) curve. For a given portfolio of structures at risk, an EP curve is a graphical representation of the probability that a certain level of loss will be surpassed in a given time period. Special attention is given to the right-hand tail of this curve where the largest losses are situated. 4 depicts an EP curve for an insurer with a portfolio of residential earthquake policies in Long Beach, California.
Wang, Y, and Wong, I. eds. (2000). Consensus statement. in Penrose Conference 2000, Great Cascadia Earthquake Tricentennial. Oregon Dept. of Geol. and Mineral Industries Special Paper 33. 17-18. Federal Emergency Management Agency (1997). C. Federal Emergency Management Agency (2000). C. Feinstein Press Release (March 2001). html. Grossi, P. and Kunreuther, H. (2000). “Public Policy,” Chapter 2 in Financial Management of Earthquake Risk, Oakland, CA: Earthquake Engineering Research Institute.
H. (2000). Pilot project: Eugene-Springfield earthquake damage and loss estimate final report, January 1999. Oregon Dept. of Geol. and Mineral Industries Open-File Rept. O-00-02. Wang, Y. L (1999). Earthquake damage in Oregon: Preliminary estimates of future earthquake losses. Oregon Dept. of Geol. and Mineral Industries Special Paper 29. Chapter 2 – An Introduction to Catastrophe Models and Insurance Major Contributors: Patricia Grossi Howard Kunreuther Don Windeler This chapter provides an overview of the history of catastrophe models and their role in risk assessment and management of natural disasters.