Abstract
This chapter introduces the efforts of the storm surge risk assessment for non-life insurance especially focusing on Japan. First, the importance of storm surge risk assessment in non-life insurance, the requirements for storm surge risk assessment in insurance, and an overview of the natural disaster model that evaluates them are described. Second, study on stochastic storm surge risk assessment, study on storm surge hazard modeling, study on vulnerability modeling which convert hazard intensity into damage are presented. Third, as an actual calculation example, the results of applying the procedure with low calculation load presented by past study to Tokyo Bay are shown. As a result, it is confirmed that the procedure can reduce the calculation load and maintain the calculation accuracy. Finally, how to select the existing storm surge risk assessment procedures when risk assessment is actually performed for the insurance purposes is considered.
Highlights
This section introduces the natural disaster model and background of development in the insurance industry focusing on Japanese topics.In 2016, the Japanese government revised the basic disaster management plan of Japan
Probabilistic storm surge risk assessment is required for risk management and underwriting, and a lot of analysis is required
The procedure aims at both the reduction of the calculation load and the reduction of the calculation error compared to other methods
Summary
This section introduces the natural disaster model and background of development in the insurance industry focusing on Japanese topics. Non-life insurance companies measure the amount of natural disaster risk for their own risk management [4]. In the natural disaster model that measures the risk amount with a low exceedance probability, hazards and economic loss are evaluated based on a probabilistic approach [7]. In the natural disaster model, the hazard module first calculates wind speed, inundation depth, etc., the vulnerability module converts the information into the damage ratio of the target object such as a house, and the financial module calculates the insurance loss considering insurance contract conditions. 3. To be able to create a low-frequency inundation depth map that is used for underwriting. To be able to create a low-frequency inundation depth map that is used for underwriting This Chapter aims to discuss how to select the existing storm surge risk assessment procedures for non-life insurance.
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