The core idea behind catastrophe modeling is that the architecture of risk quantification is the same whatever the peril. While a hurricane is not an earthquake, building a hurricane catastrophe model has elements in common with an earthquake catastrophe model. Stochastic event occurrence, the hazard footprint, the damage mechanism, clustering, post-event loss amplification are all shared concepts.
While on the university campus, disciplines may retain their nineteenth century segregations, in catastrophe modeling we are “ecumenical” about what is the driver of loss: whether it is wind, hail, vibration, flood, cyber, a virus or a terrorist attack. The track of a hurricane, the track of a fault rupture: the contagion of influenza, the contagion of NotPetya malware: the topographic controls of flooding, the topographic controls of wildfire. Exploring the parallels can be illuminating.
Which is why it is interesting to discover historical figures, who like catastrophe modelers, have looked sideways across the catastrophe disciplines. One such figure is the Anglo-Greek Lafcadio Hearn (unless you are from Japan where he is known as Koizumi Yakumo.)
Christine Ziehmann, vice president – Model Product Management, RMS
On June 14, RMS Japan welcomed 119 insurance professionals to its fourth In:Site conference — a record total, high-up on the twenty-sixth floor of the Sanno Park Tower in Tokyo, with the RMS Japan headquarters also based in this building.
Yasunori Araga, managing director of RMS Japan opened the afternoon event, and introduced an agenda that was highly relevant to the core concerns of RMS clients, from domestic issues such as earthquake risk in Japan, to the flooding and related losses following Hurricane Harvey in 2017. The agenda also explored the impact of modeling on one of the oldest lines of business — marine, and right through to one of the newest with cyber. The event attracted insurance professionals from multiple departments of insurance companies, such as reinsurance, risk management, property underwriting, casualty underwriting, marine underwriting, international and more.