Earthquake Mitigation Strategies Through Insurance

Franco, Guillermo

doi:10.1007/978-3-642-36197-5_401-1

Cited by 11 publications

(6 citation statements)

References 17 publications

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“…Insurance can be a powerful ex‐ante strategy in an earthquake risk mitigation framework. Its primordial objective is to provide monetary compensation for damaged assets or lost income, but also it can help to achieve other important goals for society, such as the establishment of safer building practices, the dissemination of risk information, and the promotion of financial responsibility (Franco, ). Carpenter () estimates that 70 per cent of global economic losses due to natural catastrophes between 1980 and 2013 were uninsured.…”

Section: Resultsmentioning

confidence: 99%

Speed or deliberation: a comparison of post‐disaster recovery in Japan, Turkey, and Chile

Platt¹,

2016

Disasters

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This paper compares recovery in the wake of three recent earthquakes: the Great East Japan Earthquake in March 2011; the Van earthquake in Turkey in October 2011; and the Maule earthquake in Chile in February 2010. The authors visited all three locations approximately 12-18 months after the incidents and interviewed earthquake specialists, disaster managers, urban planners, and local authorities. A key challenge to post-disaster recovery planning is balancing speed and deliberation. While affected communities must rebuild as quickly as possible, they must also seek to maximise the opportunities for improvement that disasters provide. The three case studies bring this dilemma into stark relief, as recovery was respectively slow, fast, and just right in the aftermath of the events: the Government of Japan adopted a deliberate approach to recovery and reconstruction; speed was of the essence in Turkey; and an effective balance between speed and deliberation was achieved in Chile.

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Section: Resultsmentioning

confidence: 99%

Speed or deliberation: a comparison of post‐disaster recovery in Japan, Turkey, and Chile

Platt¹,

2016

Disasters

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“…Seismic risk assessment can also support the development of financial instruments to transfer the risk from the public sector to the international (re)insurance market (e.g. Turkey, New Zealand, Chile -Franco, 2015), to perform benefit-cost analysis to support retrofitting campaigns (e.g. Colombia- Mora et al, 2015) or to design long-term risk reduction plans (e.g.…”

Section: Introductionmentioning

confidence: 99%

Development of a global seismic risk model

et al. 2020

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Since 2015, the Global Earthquake Model (GEM) Foundation and its partners have been supporting regional programs and bilateral collaborations to develop an open global earthquake risk model. These efforts led to the development of a repository of probabilistic seismic hazard models, a global exposure dataset comprising structural and occupancy information regarding the residential, commercial and industrial buildings, and a comprehensive set of fragility and vulnerability functions for the most common building classes. These components were used to estimate probabilistic earthquake risk globally using the OpenQuake-engine, an open-source software for seismic hazard and risk analysis. This model allows estimating a number of risk metrics such as annualized average losses or aggregated losses for particular return periods, which are fundamental to the development and implementation of earthquake risk mitigation measures.

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“…Several large metropolises are also well instrumented, such as Istanbul and Mexico City. An indication of the limited availability of regions with sufficient station coverage, and openly available data, are those areas capable of supporting second‐generation earthquake parametric triggered catastrophe bonds (Franco, 2015) Dense station coverage would be needed to secure such bonds, and a few locales worldwide (Tokyo, Istanbul, Mexico City, Los Angeles, and San Francisco) have such station density. Nevertheless, many countries with the most significant seismic risk (Silva et al., 2020), such as Haiti, have minimal seismic instrumentation (Calais et al., 2022).…”

Section: Looking Forwardmentioning

confidence: 99%

“…These financial analyses can significantly benefit stakeholders by facilitating risk‐transfer operations, fostering sensible management of risk portfolios, and assisting disaster responders. Ultimately, these improvements can translate to benefits for the public and those at risk (e.g., Franco, 2015; Wald et al., 2021).…”

Section: Successes!mentioning

confidence: 99%

Alerting the Globe of Consequential Earthquakes

Wald

2023

Perspectives of Earth and Spac

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The primary ingredients on the hazard side of the equation include the rapid characterization of the earthquake source and quantifying the spatial distribution of the shaking, plus any secondary hazards an earthquake may have triggered. On the earthquake impact side, loss calculations require the aforementioned hazard assessments—and their uncertainties—as input, plus the quantification of the exposure and vulnerability of structures, infrastructure, and the affected inhabitants. Lastly, effectively communicating uncertain estimates of the resulting impacts on society requires careful consideration of its function and form. All these aspects of rapid earthquake information delivery entailed wide‐ranging collaborative research and development among seismologists, earthquake engineers, geographers, social scientists, Information Technology professionals, and communication experts, leveraging diverse components and ingredients not achievable without extensive collaboration. I was very fortunate to be able to work on interesting and useful projects with many colleagues who got involved with them. Advances in content, its rapid delivery, and our ability to better communicate uncertain loss estimates greatly expanded the range of users and critical decision‐makers who could directly benefit from rapid post‐earthquake information. Moreover, in the critical user–developer feedback loop, we have intently followed requests from users to develop new ways of delivering the most‐requested post‐earthquake information within the limitations of the science and technology. Such new avenues and tools then motivated and prioritized additional research directions and developments.

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Earthquake Mitigation Strategies Through Insurance

Cited by 11 publications

References 17 publications

Speed or deliberation: a comparison of post‐disaster recovery in Japan, Turkey, and Chile

Speed or deliberation: a comparison of post‐disaster recovery in Japan, Turkey, and Chile

Development of a global seismic risk model

Alerting the Globe of Consequential Earthquakes

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