Overview
- Based on the research that has been conducted at Wharton over the past five years on catastrophic risk
- Brings together the joint effort with the three leading modeling firms [Applied Insurance Research Worldwide (AIR), EQECAT, and Risk Management Solutions (RMS)] and Wharton taking a lead on writing specific chapters, but with the other groups providing feedback and input
- Includes supplementary material: sn.pub/extras
Part of the book series: Huebner International Series on Risk, Insurance and Economic Security (HSRI, volume 25)
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About this book
Catastrophe Modeling: A New Approach to Managing Risk is the first book that systematically analyzes how catastrophe models can be used for assessing and managing risks of extreme events. It focuses on natural disaster risk, but also discusses the management of terrorism risk. A unique feature of this book is the involvement of three leading catastrophe modeling firms, AIR Worldwide, EQECAT, and Risk Management Solutions, who examine the role of catastrophe modeling in rate setting, portfolio management and risk financing.
Using data from three model cities (Oakland, CA, Long Beach, CA and Miami/Dade County, FLA), experts from the Wharton School of the University of Pennsylvania examine the role of catastrophe modeling to develop risk management strategies for reducing and spreading the losses from future disasters. Given the uncertainties associated with terrorism the book points out the opportunities for utilizing catastrophe models to set insurance rates and to examine public-private partnerships for providing financial assistance in the event of a terrorist attack.
"This book fills a critical need in setting forth the role of modern risk analysis in managing catastrophe risk. There is no comparable reference work for this important subject area. The book is well written and well organized. It contains contributions from many of the most distinguished experts in the fields of risk analysis and risk management. It strikes a good balance between the technical aspects of the subject and the practical aspects of decision making."
"This book is strongly recommended for individuals who must make decisions regarding the management of impacts of catastrophe risks including those in both the public and private sector."
Wilfred D. Iwan
Professor of Applied Mechanics, Emeritus
Director, Earthquake Engineering Research Laboratory
California Institute of Technology
"The authors have captured the essence of catastrophe modeling: its value, its utility and its limitations. Every practitioner in the catastrophe risk field should read this book."
Franklin W. Nutter, President
Reinsurance Association of America
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Keywords
Table of contents (10 chapters)
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Front Matter
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Framework for Risk Management Using Catastrophe Models
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Linking Risk Assessment With Insurance
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Risk Management Strategies Using Catastrophe Models
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Back Matter
Editors and Affiliations
Bibliographic Information
Book Title: Catastrophe Modeling
Book Subtitle: A New Approach to Managing Risk
Editors: Partricia Grossi, Howard Kunreuther
Series Title: Huebner International Series on Risk, Insurance and Economic Security
DOI: https://doi.org/10.1007/b100669
Publisher: Springer New York, NY
eBook Packages: Business and Economics, Economics and Finance (R0)
Copyright Information: Springer-Verlag US 2005
Hardcover ISBN: 978-0-387-23082-5Published: 17 December 2004
Softcover ISBN: 978-0-387-24105-0Published: 07 February 2005
eBook ISBN: 978-0-387-23129-7Published: 27 January 2006
Series ISSN: 0924-5014
Edition Number: 1
Number of Pages: XIX, 245
Topics: Finance, general, Microeconomics