"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. TOC:Preface and Acknowledgements.- Prelude.- Part I: Framework for Risk Management Using Catastrophe Models.- Introduction: Needs, Stakeholders, and Government Initiatives.- An Introduction to Catastrophe Models and Insurance.- Part II: Natural Hazard Risk Assessment The Risk Assessment Process: The Role of Catastrophe Modeling in Dealing with.- Natural Hazards.- Sources, Nature, and Impact of Uncertainties on Catastrophe Modeling.- Part III: Linking Risk Assessment With Insurance.- Use of Catastrophe Models in Insurance Rate Making.- Insurance Portfolio Management.- Risk Financing.- Part IV: Risk Management Strategies Using Catastrophe Models.- The Impact of Mitigation on Homeowners and Insurers: An Analysis of Model Cities.- The Impact of Risk Transfer Instruments: An Analysis of Model Cities.- Extending Catastrophe Modeling To Terrorism.- Glossary.- Index.
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