Evolution of seismic risk management for insurance over the past 30 years

作     者：Haresh C.Shah Weimin Dong Pane Stojanovski Alex Chen 

作者机构：Stanford University CA USA Risk Management Solutions Inc Newark CA USA Asia Risk Transfer Solutions Pte Ltd Singapore DWMConsulting Palo Alto CA USA Institute for Catastrophe Risk Management Nanyang Technological University Singapore Cat Risk Reasearch LLC-Cupertino CA USA 

出 版 物：《Earthquake Engineering and Engineering Vibration》 (地震工程与工程振动（英文刊）)

年 卷 期：2018年第17卷第1期

页      面：11-18页

核心收录：

学科分类：12[管理学] 02[经济学] 0202[经济学-应用经济学] 1204[管理学-公共管理] 020204[经济学-金融学（含∶保险学）] 120404[管理学-社会保障] 

主　　题：catastrophe risk management loss estimation risk modeling insurance for the masses 

摘      要：During the past 30 years, there has been spectacular growth in the use of risk analysis and risk management tools developed by engineers in the financial and insurance sectors. The insurance, the reinsurance, and the investment banking sectors have enthusiastically adopted loss estimation tools developed by engineers in developing their business strategies and for managing their financial risks. As a result, insurance/reinsurance strategy has evolved as a major risk mitigation tool in managing catastrophe risk at the individual, corporate, and government level. This is particularly true in developed countries such as US, Western Europe, and Japan. Unfortunately, it has not received the needed attention in developing countries, where such a strategy for risk management is most needed. Fortunately, in the last five years, there has been excellent focus in developing ＂Insur Tech＂ tools to address the much needed ＂Insurance for the Masses＂, especially for the Asian Markets. In the earlier years of catastrophe model development, risk analysts were mainly concerned with risk reduction options through engineering strategies, and relatively little attention was given to financial and economic strategies. Such state-of-affairs still exists in many developing countries. The new developments in the science and technologies of loss estimation due to natural catastrophes have made it possible for financial sectors to model their business strategies such as peril and geographic diversification, premium calculations, reserve strategies, reinsurance contracts, and other underwriting tools. These developments have not only changed the way in which financial sectors assess and manage their risks, but have also changed the domain of opportunities for engineers and *** paper will address the issues related to developing insurance/reinsurance strategies to mitigate catastrophe risks and describe the role catastrophe risk insurance and reinsurance has played in managing finan