From Scientific Findings to an Insurance Loss Model: Challenges and Opportunities–Global Case Studies

Abstract eng:
Probabilistic loss and risk assessment models for natural hazards have become essential tools for the insurance industry in recent years. They are not only used to determine insurance rates but also for risk management and decision making. Insurance loss models greatly benefit from the scientific and engineering findings on different components of loss modeling including hazard and vulnerability. On the other hand, the lessons learned by the insurance industry in developing these models can also offer insights to the research community and contribute to increasing the quality of current seismic risk assessment as they require a more holistic and integrated view. In this paper, we discuss the progress made and challenges faced by the insurance industry in modeling seismic risk through various global case studies including California, Japan, and China.

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