Organization: Catastrophe Risk Engineering Services, AIR Worldwide
- Dr. Akshay Gupta, Senior Vice President and Director, Catastrophe Risk Engineering Services, AIR Worldwide
- Dr. Olivier Mahul, Program Manager, Disaster Risk Financing and Insurance Program, World Bank Group
- Ivo Menzinger, Head of Global Partnerships, Asia-Pacific, Swiss Re
- Dr. Milan Simic, Senior Vice President and Managing Director of International Operations, AIR Worldwide
- Dr. Eugene Gurenko, Senior Insurance Officer, World Bank
- Andrew Eddy, President and CEO, Athena Global
The output from catastrophe risk models is consistently being used as a currency for risk transfer and pricing in the insurance and capital markets. However, the models also provide outputs that can be utilized by national and local governments, emergency management organizations, and others for various DRM applications, including disaster response and recovery, evaluation of risk mitigation options, and risk transfer decisions. This session will present the various applications of risk models from emerging efforts in South East Asia and the South Pacific to transfer risk into the capital and insurance markets; examples from the US and the Philippines wherein the impact of mitigation measures is quantified using the models; and integration of the risk models with real-time hazard information and exposure datasets. Challenges remain in developing detailed exposure datasets, understanding the hazards, and understanding the vulnerability of the exposed assets. The session will draw attention to the attributes of risk modeling that can assist in many aspects of disaster risk management. If we can better estimate and understand the actual risk, we can better manage it.