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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