Catastrophe Model-Based Assessment of Hurricane Risk and Estimates of Potential Insured Losses for the State of Florida
| Autor: | Shahid Hamid, Shu-Ching Chen, Jean-Paul Pinelli, Kurt Gurley |
|---|---|
| Rok vydání: | 2011 |
| Předmět: |
Reinsurance
Engineering Actuarial science business.industry media_common.quotation_subject Residential property General Social Sciences Insurance market Building and Construction State (polity) business Catastrophe modeling Risk management General Environmental Science Civil and Structural Engineering media_common |
| Zdroj: | Natural Hazards Review. 12:171-176 |
| ISSN: | 1527-6996 1527-6988 |
| DOI: | 10.1061/(asce)nh.1527-6996.0000050 |
| Popis: | The state of Florida has about $1.8 trillion worth of residential property at risk of hurricane induced loss, and the hurricanes of the past few years have created a crisis in the homeowner insurance market. There is great uncertainty about the nature of the risk and the potential losses for the state as well as the insurance and reinsurance industries, and rates have consequently increased dramatically. This paper discusses the nature and use of a public catastrophe model to assess hurricane risk and estimate potential losses. It briefly explains the model design and then presents estimates of the average annual insured losses and probable maximum insured losses for the state of Florida. It also presents scenario-based loss estimates for Category 1 through 5 hurricanes land-falling at various locations in the state. The average annual insured loss for the residential properties in the state of Florida is estimated to be around $5 billion before deductibles and $3 billion after deductibles. And a 50-year ... |
| Databáze: | OpenAIRE |
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