Risk Modeling For Hazards And Disasters by Gero MichelRisk Modeling For Hazards And Disasters by Gero Michel

Risk Modeling For Hazards And Disasters

byGero Michel

Paperback | August 30, 2017

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Risk Modeling for Hazards and Disasterscovers all major aspects of catastrophe risk modeling, from hazards through to financial analysis. It explores 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. It also provides further insight into the shortcomings of current models and examines model risk and ideas to diversify risk assessment.

Risk Modeling for Hazards and Disastersinstructs readers on how to assess, price and then hedge the losses from natural and manmade catastrophes. This book reviews current model development and science and explains recent changes in the catastrophe modeling space, including new initiatives covering uncertainty and big data in the assessment of risk for insurance pricing and portfolio management. Edited by a leading 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
Gero Michel is the Managing Director of Chaucer Underwriting A/S in Copenhagen, where he is responsible for Chaucer's European portfolio and capital market initiative. In addition Dr. Michel serves as an adjunct professor at Western University, London Ontario, Canada where he lectures on Insurance and Reinsurance as well as creation of...
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Title:Risk Modeling For Hazards And DisastersFormat:PaperbackDimensions:338 pages, 8.75 × 6.35 × 0.68 inPublished:August 30, 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 Nilesh Shome, Mohsen Rahnama, Steve Jewson, and Paul Wilson 2. What Makes a Catastrophe Model Robust Jay Guin 3. Towards a more Dynamical Paradigm for Natural Catastrophe Risk Modelling David Stephenson, Alasdair Hunter, Ben Youngman, and Ian Cook 4. Empirical fragility and vulnerability assessment: not just a regression Tiziana Rossett and Ioanna Ioannou

SECTION II: Model Creation, Specific Perils and Data 5. The use of historic loss data for insurance and total loss modelling James Daniell, Friedemann Wenzel, and Andreas Schaefer 6. Indirect Loss Potential Index for Natural disasters for National and sub-national analysis James Daniell, Bijan Khazai, Friedemann Wenzel 7. Probability gain from seismicity-based earthquake models Kristy Tiampo, Robert Shcherbakov, and Paul Kovacs 8. Big data challenges and hazards modelling Kristy Tiampo, Seth McGinnis, Yelena Kropivnitskaya, Jinhui Qin, and Michael Bauer 9. Progress towards hyper-resolution models of global flood hazard Paul Bates, Jeff Neal, Chris Sampson, Andy Smith, and Mark Trigg

SECTION III: Model Insurance Use-Cases 10. Insurance Pricing and Portfolio Management using Catastrophe Models Helena Bickley and Gero Michel 11. Portfolio Optimization Using Catastrophe Model Results, a Use Case from the Insurance Industry Augustin Yiptong and Gero Michel

SECTION IV: Model Risk, Resilience and New Concepts 12. Parsimonious risk assessment and the role of transparent diverse models Patrick McSharry 13. Creating a Probabilistic Catastrophe Model with the Characteristic Event Methodology Karen Clark 14. From Risk Management to Quantitative Disaster Resilience: A New Paradigm for Catastrophe Modelling Slobodan Simonovic 15. Beyond model risk : a practice perspective on modelling in insurance Andreas Tsanakas and Laure Cabantous