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Catastrophe Modeling- A New Approach to Managing Risk



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Catastrophe Modeling A New Approach to Managing Risk Patricia Grossi Risk Management Solutions Inc Howard Kunreuther The Wharton School Chandu C Patel FCAS MAAA Editor Kluwer Academic Publisher 1 What will be Unique About this Book Will bring together collective wisdom of the three leading firms in this area AIR Worldwide EQECAT RMS with the Wharton team on how to assess the risk from natural hazards Will explicitly address uncertainty in the context of catastrophe modeling illustrating the nature of uncertainty in different case studies e g Charleston South Carolina region Will illustrate the linkage of risk assessment and risk management through insurance rate making insurance portfolio management and risk financing Will illustrate how uncertainty and risk transfer mechanisms affects the analysis of mitigation using three model cities Oakland Long Beach Miami Dade County Audience for the Book The audience for this book is a sophisticated risk manager or policy maker who has some appreciation for the role that modeling and quantitative analysis can play in improving the decision making process The September 11th terrorist attacks and ensuing activities makes this book more relevant than before given the interest by the private and public sectors in risk analysis and risk management for extreme events The book could also be used in courses in risk management Style of the Book The book is written at a reasonably sophisticated level however it will not be filled with equations Sidebars in the chapters will be used to educate the reader interested in learning more about the details of risk assessment and risk management Graphs maps and photos will make the material interesting and accessible to a wider audience Producing the Book This book is a joint effort with the three leading modeling firms Applied Insurance Research Worldwide AIR EQECAT and Risk Management Solutions RMS and Wharton taking a lead on writing specific chapters but with the other groups providing



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