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Book Chapter

The potential for the use of model fusion techniques in building and developing catastrophe models

By
K. R. Royse
K. R. Royse
1
British Geological Survey, Keyworth, NG12 5GG, UK
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J. K. Hillier
J. K. Hillier
2
Loughborough University, Loughborough, LE11 3TU, UK
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A. Hughes
A. Hughes
1
British Geological Survey, Keyworth, NG12 5GG, UK
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A. Kingdon
A. Kingdon
1
British Geological Survey, Keyworth, NG12 5GG, UK
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A. Singh
A. Singh
1
British Geological Survey, Keyworth, NG12 5GG, UK
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L. Wang
L. Wang
1
British Geological Survey, Keyworth, NG12 5GG, UK
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Published:
January 01, 2017

Abstract

Global economic losses related to natural hazards are large and increasing, peaking at US$380 billion in 2011 driven by earthquakes in Japan and New Zealand and flooding in Thailand. Catastrophe models are stochastic event-set based computer models, first created 25 years ago, that are now vital to risk assessment within the insurance and reinsurance industry. They estimate likely losses from extreme events, whether natural or man-made. Most catastrophe models limit the level of user interaction, stereotyped as ‘black boxes’. In this paper we investigate how model fusion techniques could be used to develop ‘plug and play’ catastrophe models and discuss the impact of open access modelling on the insurance industry and other stakeholders (e.g. local government).

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Contents

Geological Society, London, Special Publications

Integrated Environmental Modelling to Solve Real World Problems: Methods, Vision and Challenges

A. T. Riddick
A. T. Riddick
British Geological Survey, UK
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H. Kessler
H. Kessler
British Geological Survey, UK
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J. R. A. Giles
J. R. A. Giles
British Geological Survey, UK
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Geological Society of London
Volume
408
ISBN electronic:
9781862396968
Publication date:
January 01, 2017

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