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SUMMARY:Working with Natural Hazards: Perspectives from a Catastrophe Mode
 lling Company - Caroline McMullan\, AIR Worldwide
DTSTART:20160517T110000Z
DTEND:20160517T120000Z
UID:TALK64753@talks.cam.ac.uk
CONTACT:John Maclennan
DESCRIPTION:Global society has long been influenced by natural hazards\, b
 ut as populations continue to grow in areas of high hazard\, the humanitar
 ian and economic cost will continue to increase. Insurance can play a pivo
 tal role in the resilience of communities to natural hazards and their abi
 lity to recover from catastrophic events. However the insurance industry i
 s not a bottomless pit of finance and only 24 years ago\, major natural ha
 zards resulted in the insolvency of many large insurance companies. In the
  aftermath of Hurricane Andrew\, the way in which the insurance industry e
 stimated property risk changed\, with the implementation of increasingly s
 ophisticated catastrophe models. As a result\, the industry has built up a
  financial resilience to natural hazards.\n\nAIR Worldwide founded the cat
 astrophe modelling industry back in 1987 with the release of the first cat
 astrophe model\, a probabilistic hurricane model for the United States. To
 day\, AIR model a range of natural hazard and personal liability perils\, 
 from earthquake\, hurricane\, flood\, tsunami\, storm surge and bushfire t
 hrough to terrorism and pandemic. This presentation will walk through the 
 hazard\, vulnerability\, exposure and financial building blocks of catastr
 ophe models\, illustrating how the expertise of geoscientists is leveraged
 .
LOCATION:Harker 1 seminar room\, Department of Earth Sciences
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