Dynamic modeling of public and private decision-making for hurricane risk management including insurance, acquisition, and mitigation policy
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|---|---|---|---|
| LDR | 00000cab a2200000 4500 | ||
| 001 | MAP20220018609 | ||
| 003 | MAP | ||
| 005 | 20220624132109.0 | ||
| 008 | 220624e20220606esp|||p |0|||b|spa d | ||
| 040 | $aMAP$bspa$dMAP | ||
| 084 | $a7 | ||
| 245 | 0 | 0 | $aDynamic modeling of public and private decision-making for hurricane risk management including insurance, acquisition, and mitigation policy$cCen Guo...[et.al.] |
| 520 | $aWe develop a computational framework for the stochastic and dynamic modeling of regional natural catastrophe losses with an insurance industry to support government decision-making for hurricane risk management. The analysis captures the temporal changes in the building inventory due to the acquisition (buyouts) of high-risk properties and the vulnerability of the building stock due to retrofit mitigation decisions. The system is comprised of a set of interacting models to (1) simulate hazard events; (2) estimate regional hurricane-induced losses from each hazard event based on an evolving building inventory; (3) capture acquisition offer acceptance, retrofit implementation, and insurance purchase behaviors of homeowners; and (4) represent an insurance market sensitive to demand with strategically interrelated primary insurers. This framework is linked to a simulation-optimization model to optimize decision-making by a government entity whose objective is to minimize region-wide hurricane losses. We examine the effect of different policies on homeowner mitigation, insurance take-up rate, insurer profit, and solvency in a case study using data for eastern North Carolina. Our findings indicate that an approach that coordinates insurance, retrofits, and acquisition of high-risk properties effectively reduces total (uninsured and insured) losses. | ||
| 650 | 4 | $0MAPA20080591182$aGerencia de riesgos | |
| 650 | 4 | $0MAPA20080551254$aHuracanes | |
| 650 | 4 | $0MAPA20080588434$aToma de decisiones | |
| 650 | 4 | $0MAPA20080586447$aModelo estocástico | |
| 773 | 0 | $wMAP20077001748$g06/06/2022 Tomo 25 Número 2 - 2022 , p. 173-199$x1098-1616$tRisk management & insurance review$dMalden, MA : The American Risk and Insurance Association by Blackwell Publishing, 1999- |