Risk Modeling for Hazards and Disasters

Risk Modeling for Hazards and Disasters opens with an introduction to insurance risk modeling data and modeling concepts and then moves on to review innovative ideas from the most well-known vendor firms. It covers relevant new science in risk modeling, indirect losses, assessment of impact and consequences to insurance losses and current changes in risk modeling practice, along with case studies. The final chapter provides further insight into the shortcomings of current models and examines model risk and ideas to diversify risk assessment.

This book reviews current model development and science and explains recent changes in the cat modeling space, including new model platforms and new ideas covering uncertainty and big data in the assessment of risk for insurance pricing and portfolio management. Edited by an expert in both hazards and risk, this book is authored by a global panel including major modeling vendors, modeling consulting firms and well-known catastrophe modeling scientists. Risk Modeling for Hazards and Disasters provides important insight into how models are used to price and manage risk.

• Includes high profile case studies such as the Newcastle earthquake, Hurricane Andrew and Hurricane Katrina
• Provides crucial information on new ideas and platforms that will help address the new demands for risk management and catastrophe risk reporting
• Presents the theory and practice needed to know how models are created and what is and what is not important in the modeling process
• Covers relevant new science in risk modeling, indirect losses, assessment of impact and consequences to insurance losses, and current changes in risk modeling practice, along with case studies