Magazine Table of Contents
Nat CATs – Earthquake Focus
Mother Nature is still a dominant force despite all the amazing progress mankind has made in the technology arena in the last few decades. Earthquake is one of the many natural catastrophes that people are extremely fearful of. There is still a lot of unknowns about it as seismologists cannot predict the timing, location, and magnitude of future earthquakes.
In this Cover Story, experts talk about modelling and analytics, the protection gap and predict what would happen if a massive quake hit the Himalayas.
The Himalayan belt in the South Asian region comprising the nations of India, Nepal, Bangladesh, Pakistan and Myanmar is at great risk of a magnitude 8 earthquake, geologists warn. An earthquake of 7.8 magnitude that hit Nepal in 2015 had resulted in losses of catastrophic proportions for the landlocked country and so another one of similar magnitude could turn the densely-populated region into a major disaster. We speak to some experts about managing this risk as well as hear from the Nepal government on how they are working to protect the country from another catastrophic event.
By Jimmy John
This is an exciting time for the risk modelling and analytics community, says Mr Mohsen Rahnama of RMS. With new modelling and analytics capability, more new and updated models specifically for Asia Pacific can be rolled out. He elaborates RMS’ mission plan, which aims among other things, to deliver cost-effective insights to their clients.
Using catastrophe models to generate scenarios, Dr Kanagarathinam Lakshmi of AIR Worldwide discusses what the impact would be if a magnitude 5.7 earthquake hits Delhi and nearby states.
2016 saw a large spike in insured and economic losses caused by Nat CAT events, when compared to the 2000-2015 average. With both economic and insured losses in APAC rising, the insurance industry has been quickly adjusting to address the protection gap, while still grappling with climate change and other non-climate factors that are driving the cost of catastrophe events upwards.