By Patricia Grossi, Howard Kunreuther
Catastrophe Modeling: a brand new method of handling chance is the 1st e-book that systematically analyzes how disaster versions can be utilized for assessing and handling hazards of utmost occasions. It makes a speciality of ordinary catastrophe hazard, but in addition discusses the administration of terrorism probability. a distinct characteristic of this publication is the involvement of 3 top disaster modeling enterprises, AIR world wide, EQECAT, and probability administration ideas, who research the position of disaster modeling in price atmosphere, portfolio administration and danger financing.
Using facts from 3 version towns (Oakland, CA, lengthy seashore, CA and Miami/Dade County, FLA), specialists from the Wharton university of the collage of Pennsylvania study the function of disaster modeling to enhance probability administration recommendations for decreasing and spreading the losses from destiny failures. Given the uncertainties linked to terrorism the booklet issues out the possibilities for using disaster types to set assurance charges and to check public-private partnerships for supplying monetary suggestions within the occasion of a terrorist assault.
"This ebook fills a serious want in environment forth the function of contemporary danger research in dealing with disaster possibility. there isn't any related reference paintings for this significant topic quarter. The booklet is definitely written and good geared up. It includes contributions from a few of the so much special specialists within the fields of danger research and threat administration. It moves an excellent stability among the technical features of the topic and the sensible elements of selection making."
"This booklet is strongly advised for many who needs to make judgements concerning 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 learn Laboratory
California Institute of Technology
"The authors have captured the essence of disaster modeling: its price, its application and its boundaries. each practitioner within the disaster probability box may still learn this book."
Franklin W. Nutter, President
Reinsurance organization of America
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Additional info for Catastrophe Modeling: A New Approach to Managing Risk
Best (2001). Preface: An explanation of Best’s rating system and procedures. 2001 Best’s Insurance Reports – Property / Casualty. pdf> American Re (2002). Topics: Annual Review of North American Natural Catastrophes 2002. Atwater, B. and Hemphill-Haley, E. (1997). Recurrence intervals for great earthquakes of the past 3,500 years at northeastern Willapa Bay, Washington. S. Geological Survey Professional Paper 1576. 108p. Beaulieu, J. (2001). Personal communication with Don Windeler, April 30, 2001.
This meant that with full insurance on a house valued at $200,000, the property owner would have to pay the first $30,000 of repairs from future earthquake damage. In 1999, the CEA began offering wrap around policies, defined as policies with a 10% deductible, or additional contents coverage, or both. As of July 31, 2003, the CEA had 735,909 policies in force with total premiums of $428 million. Approximately 18% of those insured purchased a wrap around policy (California Earthquake Authority, 2003).
Over the years, the SBA has provided loans and sometimes forgiveness grants to cover homeowner and business losses from natural disasters. During the period between the Alaska Earthquake of 1964 and Tropical Storm Agnes in June 1972, the SBA was very generous in the type of disaster relief it provided. For example, those suffering uninsured losses after Agnes were eligible to receive $5,000 forgiveness grants and 30-year loans at 1% interest. In recent years, the SBA has not been as generous; disaster loans in 2003 were offered at interest rates just slightly below the existing market rate.
Catastrophe Modeling: A New Approach to Managing Risk by Patricia Grossi, Howard Kunreuther