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Models make markets

Related Event

  • 2014 Understanding Risk Forum

Related Topics

  • Changing Risk, including Climate Change
  • Economics of Disasters
  • Risk Assessment
  • Risk Communication & Perception
  • Technological Advances

Related Regions

  • Global

Event Summary

Organization: RMS

Session Lead

  • Dr. Robert Muir-Wood, Chief Research Officer, RMS

Speakers

  • Dr. Mario Ordaz, President, ERN
  • Alexander Allmann, Head of Geo Risks, Munich Re
  • Paul VanderMarck, Chief Products Officer, RMS
  • Oscar Ishizawa, DRM Specialist, World Bank Group
  • Dr. Martine Woolf, Community Safety and Earth Monitoring Division, Geoscience Australia

Description

Once risks are confidently quantified, risk information can become a common currency, where markets can flourish, whether for risk pooling, risk transfer, or risk reduction. What are the principal challenges around expanding such ‘robust’ modeling of catastrophic and agriculture risks into new countries and new perils? What limits models reaching the desired level of credibility: whether related to the determination of the hazards, exposure-data, vulnerability functions, or the inclusion of secondary sources of loss? What are the optimal investments in modeling that can achieve the greatest benefits for supporting risk transfer and risk reduction mechanisms in low income countries? Could market-based mechanisms be harnessed for disaster risk reduction – such as competing around targets for ‘expected casualty reduction’ in development initiatives? How is the cloud going to transform the development and delivery of diverse global risk information as well as enable new market-based solutions to be created?

Session Resources

  • Ignite PowerPoint
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