Risk Modeling For Hazards And Disasters by Gero Michel

Risk Modeling For Hazards And Disasters

byGero Michel

Paperback | September 1, 2017

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Risk Modeling for Hazards and Disastersopens 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 Disastersprovides 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

About The Author

Dr. Michel is Senior Vice President, Head of Risk Analytics of Montpelier Re. Dr. Michel joined the Montpelier Group in July 2012 in order to head up risk analytics, a task that involves innovations in risk management, underwriting strategy, as well as the Montpelier Group's own view of risk and risk modelling and liaison with external...

Details & Specs

Title:Risk Modeling For Hazards And DisastersFormat:PaperbackDimensions:324 pages, 8.75 × 6.35 × 0.68 inPublished:September 1, 2017Publisher:Elsevier ScienceLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0128040718

ISBN - 13:9780128040713

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Table of Contents

SECTION I: Catastrophe Models, General Concepts and Methods

1. Quantifying Model Uncertainty and Risk 2. What Makes a Catastrophe Model Robust 3. Towards a more Dynamical Paradigm for Natural Catastrophe Risk Modelling 4. Empirical fragility and vulnerability assessment: not just a regressionSECTION II: Model Creation, Specific Perils and Data

5. The use of historic loss data for insurance and total loss modelling 6. Indirect Loss Potential Index for Natural disasters for National and sub-national analysis 7. Big data challenges and hazards modelling 8. Probability gain from seismicity-based earthquake models 9. Progress towards hyper-resolution models of global flood hazard 10. Parsimonious risk assessment and the role of transparent diverse modelsSECTION III: Model Insurance Use-Cases

11. Insurance Pricing and Portfolio Management using Catastrophe Models 12. Portfolio Optimization Using Catastrophe Model Results, a Use Case from the Insurance IndustrySECTION IV: Model Risk, Resilience and New Concepts

13. Creating a Probabilistic Catastrophe Model with the Characteristic Event Methodology 14. From Risk Management to Quantitative Disaster Resilience: A New Paradigm for Catastrophe Modelling 15. Beyond model risk : a practice perspective on modelling in insurance