This chapter provides an overview of the history of catastrophe models and their role in risk assessment and management of natural disasters.
It examines the insurability of catastrophe risk and illustrates how the output from catastrophe models aids insurers in meeting their goals for risk management. Throughout the chapter, there is an emphasis on understanding catastrophe modeling for earthquake and hurricane hazards and how it is used to manage natural hazard risk.
In the final section, a framework for integrating risk assessment with risk management via catastrophe modeling is presented.
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