A Systems Approach to Modeling Catastrophic Risk and Insurability

A. Amendola, Y. Ermoliev, T. Ermolieva, V. Gitis, G. Koff and J. Linnerooth-Bayer

Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, 2000, vol. 21, issue 2, 393 pages

Abstract: This paper describes a spatial-dynamic,stochastic optimization model that takes account ofthe complexities and dependencies of catastrophicrisks. Following a description of the general model,the paper briefly discusses a case study of earthquakerisk in the Irkutsk region of Russia. For this purposethe risk management model is customized to explicitlyincorporate the geological characteristics of theregion, as well as the seismic hazards and thevulnerability of the built environment. In its generalform, the model can analyze the interplay betweeninvestment in mitigation and risk-sharing measures. Inthe application described in this paper, the modelgenerates insurance strategies that are lessvulnerable to insolvency. Copyright Kluwer Academic Publishers 2000

Keywords: catastrophic risk management; earthquake risk management; natural risk insurability; stochastic optimization; risk mapping (search for similar items in EconPapers)
Date: 2000
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DOI: 10.1023/A:1008183011971

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