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S01-02 From Science and Technology to Insurance: Earthquake Insurance as a Risk Mitigation Measure
Description:
Over the past three decades, our understanding of the science of seismology, the behavior of engineered structures, the affects of geology and geotechnology on ground motions and the social and political impact of catastrophe has improved considerably, resulting in universal acceptance of engineering model as a powerful tool to manage insurance risk. Unfortunately, these improvements have not resulted in life and economic loss reduction around the world, especially in developing countries. This special session will discuss the challenges faced with the engineering model and explore the impact of improvements in science and technology related to earthquakes on our ability to minimize economic losses through risk transfer and insurance. Specific topics will be discussed as follows:
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How to improve data quality;
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How to model uncertainties in hazard, vulnerability, and financial impact;
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How to calibrate model with limited claim data;
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How to model the consequence of the potential economic demand surge after a devastating disaster;
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How to model ‘Super Cat’ event, such as huge fire following an earthquake, earthquake-induced dam failure, etc.;
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How to quantify losses of business interruption due to catastrophe event;
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How to minimize economic losses through risk transfer and insurance, specially in the developing countries
Papers are invited from researchers, engineers and insurance/reinsurance practitioners who are actively pursuing insurance as a risk mitigation strategy for earthquake catastrophe.
Convener:
Weimin Dong, Dr
Address: 7015 Gateway Blvd, Newark, CA 94560, USA
Tel: 001-510-608-3356
E-mail: weimind@rms.com
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Exhibitors List
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