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Article
Publication date: 17 May 2013

Aglaia Petseti and Milton Nektarios

The present article serves two main goals. First, the proposed scheme for Greece is being involved in a benchmarking analysis. Second, an expansion of previous…

Abstract

Purpose

The present article serves two main goals. First, the proposed scheme for Greece is being involved in a benchmarking analysis. Second, an expansion of previous quantitative models is undertaken in order to estimate risk‐based premiums for the proposed national insurance scheme.

Design/methodology/approach

The benchmarking analysis of the proposed scheme is undertaken in comparison to the best practices of the catastrophe insurance systems operating in most member‐states of the EU. Risk modelling is employed to calculate risk‐based premiums.

Findings

The benchmarking analysis leads to conclusions which may be useful for the stage of actual implementation of such a program in Greece. Risk‐based premiums for the proposed national insurance scheme are estimated for all CRESTA zones of the country.

Research limitations/implications

Uncertainty of estimated catastrophe losses is a limitation of the research.

Practical implications

The paper provides a detailed description of the proposed earthquake insurance scheme.

Social implications

The Greek Government should evaluate the proposal for the establishment of a national insurance program for earthquake damages.

Originality/value

The paper's originality/value consists of the construction of a unique data bank of the residential stock of Greece, and a comprehensive proposal for earthquake insurance, based on the best practices of national Cat insurance schemes.

Details

The Journal of Risk Finance, vol. 14 no. 3
Type: Research Article
ISSN: 1526-5943

Keywords

Article
Publication date: 14 April 2022

Nadeeshani Wanigarathna, Keith Jones, Federica Pascale, Mariantonietta Morga and Abdelghani Meslem

Recent earthquake-induced liquefaction events and associated losses have increased researchers’ interest into liquefaction risk reduction interventions. To the best of the…

Abstract

Purpose

Recent earthquake-induced liquefaction events and associated losses have increased researchers’ interest into liquefaction risk reduction interventions. To the best of the authors’ knowledge, there was no scholarly literature related to an economic appraisal of these risk reduction interventions. The purpose of this paper is to investigate the issues in applying cost–benefit analysis (CBA) principles to the evaluation of technical mitigations to reduce earthquake-induced liquefaction risk.

Design/methodology/approach

CBA has been substantially used for risk mitigation option appraisal for a number of hazard threats. Previous literature in the form of systematic reviews, individual research and case studies, together with liquefaction risk and loss modelling literature, was used to develop a theoretical model of CBA for earthquake-induced liquefaction mitigation interventions. The model was tested using a scenario in a two-day workshop.

Findings

Because liquefaction risk reduction techniques are relatively new, there is limited damage modelling and cost data available for use within CBAs. As such end users need to make significant assumptions when linking the results of technical investigations of damage to built-asset performance and probabilistic loss modelling resulting in many potential interventions being not cost-effective for low-impact disasters. This study questions whether a probabilistic approach should really be applied to localised rapid onset events like liquefaction, arguing that a deterministic approach for localised knowledge and context would be a better base for the cost-effectiveness mitigation interventions.

Originality/value

This paper makes an original contribution to literature through a critical review of CBA approaches applied to disaster mitigation interventions. Further, this paper identifies challenges and limitations of applying probabilistic based CBA models to localised rapid onset disaster events where human losses are minimal and historic data is sparse; challenging researchers to develop new deterministic based approaches that use localised knowledge and context to evaluate the cost-effectiveness of mitigation interventions.

Details

Journal of Financial Management of Property and Construction , vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1366-4387

Keywords

Article
Publication date: 1 February 2016

Xian Xu and Jingbing Feng

– The purpose of this paper is to identify the effects earthquakes may have on rates of marriage and divorce in China, a country strongly affected by losses due to earthquakes.

Abstract

Purpose

The purpose of this paper is to identify the effects earthquakes may have on rates of marriage and divorce in China, a country strongly affected by losses due to earthquakes.

Design/methodology/approach

This paper studies the effect of earthquakes on marriage and divorce rates in China between 2000 and 2011, using panel data from 31 provinces as well as from Sichuan at the prefecture level, a province that has a high frequency of earthquakes.

Findings

The results show that when controlling for demographic, economic, and social factors, losses due to earthquakes are found to be associated with increases in both marriage and divorce rates. While the estimated elasticities are low, amounting to 1.92×10−2 and 6.102×10−2, respectively, they are highly significant, suggesting that a doubling of losses due to earthquakes increases marriages by 1.92 percent and divorces by 6.102 percent with a lag of one year. Since the first elasticity is smaller than the second, losses due to earthquakes may influence familial instability. Moreover, these effects increase in the second year but cannot be traced beyond three years after the disaster.

Originality/value

In view of the cost imposed on society by instable family relationships, these findings point to a need to provide relief to families after earthquake disasters.

Details

Disaster Prevention and Management, vol. 25 no. 1
Type: Research Article
ISSN: 0965-3562

Keywords

Book part
Publication date: 12 November 2016

Qihao He

Due to climate change and an increasing concentration of the world’s population in vulnerable areas, how to manage catastrophe risk efficiently and cover disaster losses

Abstract

Purpose

Due to climate change and an increasing concentration of the world’s population in vulnerable areas, how to manage catastrophe risk efficiently and cover disaster losses fairly is still a universal dilemma.

Methodology

This paper applies a law and economic approach.

Findings

China’s mechanism for managing catastrophic disaster risk is in many ways unique. It emphasizes government responsibilities and works well in many respects, especially in disaster emergency relief. Nonetheless, China’s mechanism which has the vestige of a centrally planned economy needs reform.

Practical Implications

I propose a catastrophe insurance market-enhancing framework which marries the merits of both the market and government to manage catastrophe risks. There are three pillars of the framework: (i) sustaining a strong and capable government; (ii) government enhancement of the market, neither supplanting nor retarding it; (iii) legalizing the relationship between government and market to prevent government from undermining well-functioning market operations. A catastrophe insurance market-enhancing framework may provide insights for developing catastrophe insurance in China and other transitional nations.

Originality

First, this paper analyzes China’s mechanism for managing catastrophic disaster risks and China’s approach which emphasizes government responsibilities will shed light on solving how to manage catastrophe risk efficiently and cover disaster losses fairly. Second, this paper starts a broader discussion about government stimulation of developing catastrophe insurance and this framework can stimulate attention to solve the universal dilemma.

Details

The Political Economy of Chinese Finance
Type: Book
ISBN: 978-1-78560-957-2

Keywords

Abstract

Details

Coping with Disaster Risk Management in Northeast Asia: Economic and Financial Preparedness in China, Taiwan, Japan and South Korea
Type: Book
ISBN: 978-1-78743-093-8

Abstract

Details

Coping with Disaster Risk Management in Northeast Asia: Economic and Financial Preparedness in China, Taiwan, Japan and South Korea
Type: Book
ISBN: 978-1-78743-093-8

Article
Publication date: 7 November 2008

Mauli Vora, Zu‐Hsu Lee and Wenshen Pong

This paper first aims to estimate the economic loss due to an earthquake, such as building‐related losses, the damage of debris generation and fire, and the social impact…

Abstract

Purpose

This paper first aims to estimate the economic loss due to an earthquake, such as building‐related losses, the damage of debris generation and fire, and the social impact. Then, it seeks to evaluate the feasibility of retrofit to prevent buildings from seismic structural damages.

Design/methodology/approach

The HAZUS software is used for the seismic loss estimation using default demographic data, which were obtained from San Francisco Assessor record. The HAZUS estimates the damage using the earthquake of 6.7 magnitude. Based on the HAZUS report incorporated with probabilistic scenarios of earthquakes, Federal Emergency Management Agency (FEMA) guidelines are used to calculate the cost of structural rehabilitation in San Francisco.

Findings

It is recommended that either Options 1 and 3 or Options 2 and 3 provided by FEMA 156 and 157 respectively should be used to calculate the cost of seismic rehabilitation of a structure. The results provide estimated costs of retrofit plans for different types of existing buildings.

Practical implications

The implementation of quantitative and computer methods in the field of natural hazard management is demonstrated. The outcome provides economic guidelines for assessment and prevention (or reduction) of possible seismic loss and building damage.

Originality/value

The study may be a useful reference for retrofit plans for homeowners and business management. The cost estimation also can help government establish or revise some policies properly to provide homeowners with economic incentives (e.g. tax reduction, low interest loan) in retrofitting their homes.

Details

Disaster Prevention and Management: An International Journal, vol. 17 no. 5
Type: Research Article
ISSN: 0965-3562

Keywords

Article
Publication date: 21 June 2011

Naill M. Momani

The aim of this paper is to link earthquake probabilistic and deterministic risk assessment with the decision‐making process in order to implement policies, plans, and…

1085

Abstract

Purpose

The aim of this paper is to link earthquake probabilistic and deterministic risk assessment with the decision‐making process in order to implement policies, plans, and procedures to prevent or reduce human and monetary losses.

Design/methodology/approach

This study suggests an integrated framework for earthquake consequences management. The framework consists of an earthquake consequences model, value analysis, and socio‐economic analysis, as well as dynamic integration for implementing strategies, policies, and plans.

Findings

The developed integrated framework for earthquake consequences management could be used for a study area, especially in developing countries in which human and capital resources are limited.

Research limitations/implications

There is a need to have different case studies to demonstrate how the integrated framework for earthquake consequence management could reduce human and monetary losses due to earthquakes for a study area.

Originality/value

It is important to consider earthquake risks as part of strategic planning for societies that are vulnerable to future earthquakes.

Details

Disaster Prevention and Management: An International Journal, vol. 20 no. 3
Type: Research Article
ISSN: 0965-3562

Keywords

Article
Publication date: 20 April 2012

Naill M. Momani

There are several researches which addressed earthquake probabilistic and deterministic risk assessment without linking the decision‐making process in order to implement…

Abstract

Purpose

There are several researches which addressed earthquake probabilistic and deterministic risk assessment without linking the decision‐making process in order to implement policies, plans, and procedures to prevent or reduce human and monetary losses. This paper aims to address this issue.

Design/methodology/approach

This study suggests an integrated framework for earthquake consequences management. The framework consists of earthquake consequences model, value analysis, and socio‐economic analysis, as well as dynamic integration for implementing strategies, policies, and plans.

Findings

The developed integrated framework for earthquakes consequences management could be used for a study area especially in developing countries in which human and capital resources are limited.

Research limitations/implications

There is a need to have different case studies to demonstrate how the integrated framework for earthquake consequence management could reduce human and monetary losses due to earthquakes for a study area.

Originality/value

It is important to consider earthquake risks as part of strategic planning for societies that are vulnerable to future earthquakes.

Details

Disaster Prevention and Management: An International Journal, vol. 21 no. 2
Type: Research Article
ISSN: 0965-3562

Keywords

Article
Publication date: 6 October 2020

Samantha Louise N. Jarder, Lessandro Estelito O. Garciano and Osamu Maruyama

Buried structures like pipeline systems or water distribution networks (WDN) are vulnerable to seismic activities and the risk of damages increases when there is…

Abstract

Purpose

Buried structures like pipeline systems or water distribution networks (WDN) are vulnerable to seismic activities and the risk of damages increases when there is liquefaction. This paper aims to propose a methodology on how to determine the probable maximum loss (PML) on pipeline systems when earthquakes and liquefaction occur in future scenarios.

Design/methodology/approach

The paper used historical data and presents a case study on how the methodology to estimate the PML was used. The estimation is analytic and relied on simulations to determine the seismic and liquefaction hazard in the study area. Statistical and numerical analysis was used to estimate the damages and losses.

Findings

The output shows the PML of a WDN at different earthquake scenarios. It also shows a comparison between the damages and losses of diameter sizes of the pipes.

Research limitations/implications

In this paper, the damages behaved independently in one area, and correlation was not considered.

Practical implications

This PML methodology can aid in pre-disaster planning to prepare for seismic countermeasures risk transfer such as insurance to reduce the loss.

Originality/value

This paper shows a methodology and example on how to estimate the damages and PMLs of an existing WDN of a projected earthquake and liquefaction hazard based on historical data.

Details

International Journal of Disaster Resilience in the Built Environment, vol. 12 no. 2
Type: Research Article
ISSN: 1759-5908

Keywords

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