Asia is a vast continent occupying 8.6% of the earth’s surface, 29.6% of the world’s landmass, and residing in it are close to 4 billion people representing approximately 60% of the world’s population. The region is also characterised by a rich diversity in its people, languages, cultures, landscapes and economic development and is also exposed to a variety of natural disasters, chiefly floods, earthquakes and typhoons. Here, Dr Mohan Sharma, Head of Catastrophe Modelling & Analytical Services of Aon Re Asia, examines the increasing exposures in the region, the challenges of managing these risks and that gaining a thorough understanding of the catastrophe risks is a prerequisite to managing them.
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Models may produce vastly different results depending on the quality of data used, explain Mr Brad Weir and Emeritus Professor Russell Blong of the ReMetrics Asia Pacific Natural Hazards team at Benfield.
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The word typhoon is related to the Chinese JuFeng which originated in 5th century Chinese literature to mean “scary wind”. While typhoons in China certainly cause significant wind damage, the torrential rainfalls that accompany many typhoons also cause considerable damage from flooding. In this article from AIR, Dr Peter Sousounis, Senior Research Scientist/Meteorologist in AIR’s research and modelling group, and Dr Hua He, Research Engineer focusing on wind, provide an overview of China’s typhoon hazard and the vulnerability of the Chinese building stock to typhoon-induced wind and flood.
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Mr Domenico Del Re, Senior Model Manager, Asia/Pacific Region with Risk Management Solutions, Inc (RMS) discusses the changing earthquake risk profile in the world’s most populous nation and points out the salient features of the model developed in conjunction with a China research body.
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Mr Chris Turton of FM Global looks at an alternative risk management model that has proven effective by combining knowledge-based underwriting and property loss prevention engineering, built upon the belief that the majority of all loss is preventable.
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Read this book if you want to get a good introduction to risk management and insurance.
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The Risk and Insurance Management Society (RIMS) 2007 Annual Conference & Exhibition closed on 3 May with a keynote presentation by Mr David Holcombe, CPCU, Director of Risk Management for International Speedway Corporation (NASCAR).
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