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Innovative Solutions in Catastrophic Risk Management

Explore the evolving landscape of catastrophic risk management, from insurance perspectives to research needs and alternative energy investments. Gain insights into global change impacts, urbanization, and strategies to quantify, price, and hedge risks effectively.

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Innovative Solutions in Catastrophic Risk Management

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  1. Earth Observation and Global Change April 22, 2008 AMS Public Private Partnership Forum Frank Nutter Reinsurance Association of America

  2. Catastrophic Losses: An Insurance Perspective • 2005 – $103 B • 2004 – $ 45 B • Of 20 most costly – 18 since 1990 • 1/3 of total insured risk is “cat” risk • NFIP • Black Swans?

  3. Attribution of Losses • Urbanization • Values at Risk • Population Shift • Weather / Climate

  4. Assessing Risk • RMS • AIR • EQE

  5. Hierarchy of Perils • US Hurricane • California Earthquake • European Wind • Japanese Earthquake • Japan Typhoon • Tornado/Hail • Floods • Storm Surge • Coastal Flooding • Inland Flooding • Tsunami • Fire Following Earthquake Peak Off Peak Secondary

  6. An Insurer’s “Cat” Strategy • Quantification of Risk • Pricing Risk • Hedging

  7. A Progressive (Re)insurer’s Strategy • Assess client climate exposure • Sell catastrophic reinsurance • Provide risk transfer products • Capital markets products • Weather derivatives • Investment in alternative energy • Carbon trading and guarantees • Footprint • Employee incentives

  8. Research Needs • Extend the historical record • Land fall probabilities with wind speed • Storm tracks • Correlations, if any, between regions • Extremes and outliers • Hurricane power/size • Sea level rise and storm surge • Potential for abrupt events

  9. www.reinsurance.org

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