Earthquakes and Windstorm — Natural Disasters

J. M. Ryder and D. J. Kimber

ASTIN Bulletin, 1977, vol. 9, issue 3, 317-324

Abstract: Earthquakes and Windstorm can range in size from small easily insurable instances up to full scale Natural Disasters. This note is particularly concerned with the problem of forecasting, rating and insuring earthquakes and windstorm at the natural disaster end of this scale.Before we tackle the peculiar problems of natural disaster insurance it is worth having a look at why insurance works so well in practice.Is it because actuaries and statisticians have precisely measured the statistical risks involved, and have developed a detailed and complex mathematical approach to insurance, a true “Technical Basis” for Insurance? Or is it really quite simple?A quotation (the first of many) from R. Heller [1] is relevant.“The great and fabled business empires with hardly an exception were built… on irresistable ideas of elemental simplicity.”Insurance is one of these great empires, and some of the simple ideas which may explain why insurance works so well are suggested below.

Date: 1977
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.cambridge.org/core/product/identifier/ ... type/journal_article link to article abstract page (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cup:astinb:v:9:y:1977:i:03:p:317-324_00

Access Statistics for this article

More articles in ASTIN Bulletin from Cambridge University Press Cambridge University Press, UPH, Shaftesbury Road, Cambridge CB2 8BS UK.
Bibliographic data for series maintained by Kirk Stebbing ().