Earthquake Mitigation Strategies Through Insurance

Franco, Guillermo

doi:10.1007/978-3-642-35344-4_401

Cited by 8 publications

(7 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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“…Ultimately, these improvements can translate to benefits for the public and those at risk (e.g. Franco, 2015).…”

Section: Financial Decision-makingmentioning

confidence: 99%

ShakeMap operations, policies, and procedures

Wald

Worden²,

Thompson

et al. 2021

Earthquake Spectra

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The US Geological Survey’s ShakeMap is used domestically and globally for post-earthquake emergency management and response, engineering analyses, financial instruments, and other decision-making activities. Recent developments in the insurance, reinsurance, and catastrophe bond sectors link payouts of potentially hundreds of millions of dollars to ShakeMap products. Similarly, building codes, post-earthquake building damage forensic evaluations, and geotechnical evaluations often rely on estimated peak response-spectral values for site-specific evaluations that may lead to costly analyses, retrofits, or other expenditures. Given such activities, financial, engineering, and other technical users demand processing specifications and a metadata trail for actuarial, escrow, and forensic purposes for each significant earthquake. Recent inquiries include how and why maps change with time, how to interpret metadata, and how to obtain the creation and update history of various map layers. Similarly, the collection of ShakeMap scenarios and historical ShakeMaps—either created in earlier versions or rerun as part of the latest version of the ShakeMap Atlas—warrant a full explanation of the inputs, processing, and archiving given their contribution to fragility curve development and loss model calibration. For these reasons, in addition to event-specific ShakeMap metadata and a comprehensive online ShakeMap Manual, we have crafted this practice paper to answer several of the most frequently asked technical questions. We also describe an application programming interface (API) for accessing site-specific shaking metrics and their uncertainties for earthquake forensic purposes in a consistent fashion. In all, we describe the advantages of employing ShakeMaps for these critical purposes as well as describe their limitations and uncertainties, offering an extensive set of instructions and disclaimers that can be referenced by ShakeMap users.

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Earthquake Mitigation Strategies Through Insurance

Cited by 8 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

ShakeMap operations, policies, and procedures

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