scholarly journals Typhoon Vulnerability Analysis in South Korea Utilizing Damage Record of Typhoon Maemi

2020 ◽  
Vol 2020 ◽  
pp. 1-10
Author(s):  
Ji-Myong Kim ◽  
Kiyoung Son ◽  
Sang-Guk Yum ◽  
Sungjin Ahn ◽  
Tiago Ferreira
Keyword(s):  
Risk Assessment ◽  
Local Governments ◽  
Economic Loss ◽  
Risk Indicators ◽  
Insurance Companies ◽  
Insurance Company ◽  
Construction Companies ◽  
Risk Assessment Models ◽  
Vulnerability Functions ◽  
Typhoon Risk

The purpose of this research is to identify the indicators of typhoon damage and develop a metric for typhoon vulnerability functions employing the losses associated with Typhoon Maemi. Typhoons cause significant financial damages worldwide every year. Federal and local governments, insurance companies, and construction companies strive to develop typhoon risk assessment models and use them to quantify the risks so that they can avoid, mitigate, or transfer the financial risks. Therefore, typhoon risk assessment modeling is becoming increasingly important, and in order to achieve a sophisticated evaluation, it is also important to reflect more specified and local vulnerabilities. Although several previous studies on economic loss associated with natural catastrophe have identified essential risk indicators, there has been a shortage of more specific research studies focusing on the correlation between vulnerability and economic loss caused by typhoons. In order to fill this gap, this study collected and analyzed the actual loss record of Typhoon Maemi collected and accumulated by a major insurance company in Korea. In order to create the vulnerability functions and to identify the natural hazard indicators and basic building information indicators, information from the insurance record was used in the analysis. The results and metric of this research provide a pragmatic approach that helps create vulnerability functions for abovementioned sectors and like estimating local vulnerabilities and predicting and coping with the possible damage and loss from typhoons.

scholarly journals Measuring Vulnerability of Typhoon in Residential Facilities: Focusing on Typhoon Maemi in South Korea

2019 ◽  
Vol 11 (10) ◽  
pp. 2768 ◽  
Author(s):  
Ji-Myong Kim ◽  
Taehui Kim ◽  
Kiyoung Son ◽  
Sang-Guk Yum ◽  
Sungjin Ahn
Keyword(s):  
South Korea ◽  
Residential Buildings ◽  
Risk Estimation ◽  
Damage Function ◽  
Risk Indicators ◽  
Insurance Companies ◽  
Economic Losses ◽  
Economic Damage ◽  
Insurance Company ◽  
The Real

Typhoons cause severe monetary damage globally. Many global insurance companies and public agencies are currently developing and utilizing windstorm risk estimation models to calculate the level of risk and set up strategies for avoiding, mitigating, and relocating those economic risks. Hence, the usage and accuracy of the windstorm risk estimation model is becoming increasingly significant, and reflecting local vulnerabilities is essential for refined risk assessment. While key risk indicators have been recognized in practical studies of economic losses associated with windstorms, there remains a lack of comprehensive research addressing the relationship between economic losses of residential buildings for South Korea and vulnerability. This research investigates the real damage record of Typhoon Maemi from an insurance company in order to bridge this gap. The aim of this study is to define the damage indicators of typhoons and create a framework for typhoon damage function, using the damage caused by Typhoon Maemi as a representative paradigm. Basic building information and natural disaster indicators are adopted to develop the damage function. The results and metric of this research provide a pragmatic approach that helps create damage functions for insurance companies and contingency planners, reflecting the actual financial losses and local vulnerabilities of buildings. The framework and results of this study will provide a practical way to manage extreme cases of natural disasters, develop a damage function for insurers and public authorities, and reveal the real economic damage and local vulnerability of residential buildings in South Korea.

scholarly journals Serbian insurance market: Select issues

2010 ◽  
Vol 55 (187) ◽  
pp. 109-124
Author(s):  
Mirjana Obadovic ◽  
Veselin Avdaliovic ◽  
Milica Obadovic
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Insurance Industry ◽  
Insurance Market ◽  
Business Strategies ◽  
Insurance Companies ◽  
Insurance Company ◽  
Insurance Risk ◽  
Comprehensive View ◽  
Operational Risks

Every day insurance companies face a number of risks arising from the insurance industry itself, as well as risks arising from insurance company operations. In this constant fight against risks insurance companies use different models and methods that help them better understand, have a more comprehensive view of, and develop greater tolerance towards risks, in order to reduce their exposure to these risks. The model presented in this paper has been developed for implementation in insurance risk management directly related to insurance company risk, i.e. it is a model that can reliably determine the manner and intensity with which deviations in the initial insurance risk assessment affect insurance company operations, in the form of changes in operational risks and consequently in insurance companies? business strategies. Additionally we present the implementation of the model in the Serbian market for the period 2005-2010.

VTE risk assessment in cancer

2016 ◽  
Vol 07 (01) ◽  
pp. 20-25
Author(s):  
I. Pabinger ◽  
C. Ay
Keyword(s):  
Risk Assessment ◽  
Cancer Patients ◽  
Medical Oncology ◽  
Clinical Importance ◽  
Cancer Surgery ◽  
Ambulatory Setting ◽  
Oncology Patients ◽  
Related Factors ◽  
Risk Assessment Models ◽  
Increased Risk

SummaryVenous thromboembolism (VTE) in patients with cancer is associated with an increased morbidity and mortality, and its prevention is of major clinical importance. However, the VTE rates in the cancer population vary between 0.5% - 20%, depending on cancer-, treatment- and patient-related factors. The most important contributors to VTE risk are the tumor entity, stage and certain anticancer treatments. Cancer surgery represents a strong risk factor for VTE, and medical oncology patients are at increased risk of developing VTE, especially when receiving chemotherapy or immunomodulatory drugs. Also biomarkers have been investigated for their usefulness to predict risk of VTE (e.g. elevated leukocyte and platelet counts, soluble P-selectin, D-dimer, etc.). In order to identify cancer patients at high risk of VTE and to improve risk stratification, risk assessment models have been developed, which contain both clinical parameters and biomarkers. While primary thromboprophylaxis with lowmolecular- weight-heparin (LMWH) is recommended postoperatively for a period of up to 4 weeks after major cancer surgery, the evidence is less clear for medical oncology patients. Thromboprophylaxis in hospitalized medical oncology patients is advocated, and is based on results of randomized controlled trials which evaluated the efficacy and safety of LMWH for prevention of VTE in hospitalized medically ill patients. In recent trials the benefit of primary thromboprophylaxis in cancer patients receiving chemotherapy in the ambulatory setting has been investigated. However, at the present stage primary thromboprophylaxis for prevention of VTE in these patients is still a matter of debate and cannot be recommended for all cancer outpatients.

CONCEPTUALISING RISK CULTURE ON ERM IMPLEMENTATION IN CONSTRUCTION COMPANIES

2020 ◽  
Vol 17 (1) ◽  
pp. 59
Author(s):  
Ching Ching Wong
Keyword(s):  
Risk Management ◽  
Risk Identification ◽  
The Body ◽  
Risk Indicators ◽  
Construction Companies ◽  
Risk Appetite ◽  
Risk Culture ◽  
Risk Treatment ◽  
Managing Risk ◽  
The Relationship

Enterprise Risk Management (ERM) is an effective technique in managing risk within an organization strategically and holistically. Risk culture relates to the general awareness, attitudes and behaviours towards risk management in an organisation. This paper presents a conceptual model that shows the relationship between risk culture and ERM implementation. The dependent variable is ERM implementation, which is measured by the four processes namely risk identification and risk assessment; risk treatment; monitor and consult; communicate and consult. The independent variables under risk culture are risk policy and risk appetite; key risk indicators; accountability; incentives; risk language and internal relationships. This study aims to empirically test the relationship between risk culture and ERM implementation among Malaysian construction public listed companies. Risk culture is expected to have direct effects and significantly influence ERM. This study contributes to enhance the body of knowledge in ERM especially in understanding significant of risk culture that influence its’ implementation from Malaysian perspective.

Risk assessment models with functionally different influences on natural and technical systems

2020 ◽  
Vol 89 ◽  
pp. 8-19
Author(s):  
V. A. Minaev ◽  
◽  
N. G. Topolsky ◽  
A. O. Faddeev ◽  
R. O. Stepanov ◽  
...  
Keyword(s):  
Risk Assessment ◽  
Differential Equations ◽  
Research Area ◽  
Practical Implementation ◽  
Model Assessment ◽  
Mathematical Functions ◽  
Effective Response ◽  
Risk Assessment Models ◽  
Technical Systems ◽  
Material Values

Introduction. The complex combination of natural and technogenic factors that lead to dangerous threats to the health and life of the population, as well as to material values, creates a need to develop special mathematical models for risk assessment in the relevant territories. Herewith it is important to take into account the significant differences between these factors. The new areas of research are models that describe natural and technogenic risks using differential equations that reflect different types of functions. The article presents the development of this research area. Goals and objectives. The goal of the article is to create a model for risk assessment in natural and technical systems (PTS), based on taking into account the influences of different natural and technogenic factors on them. Objectives include justification, construction and practical implementation of the mathematical model of risk assessment in the form of differential equations system. Methods include interpretation of the considered influences on PTS in terms of risks and assessment of the dynamic interaction of natural and technogenic factors in the form of inhomogeneous differential equations. Results and discussion. Solutions for models of assessing complex natural and technogenic risks in relation to two cases that differ in NTS are found: functionally different external natural and technogenic influences on PTS, which are understood as their type, in which the effects of both natural and technogenic factors are described by different mathematical functions. Conclusions. The first model considers parabolic (reflecting threats whose intensity gradually decreases with distance from the epicenter) and linear types of influences (reflecting sudden threats). The second model considers parabolic and hyperbolic (reflecting threats, the intensity of which decreases sharply over time) types of influences. It is concluded that it is necessary to create a special computer album of complex influences on the PTS in order to prevent "replay" of various situations and develop the most effective response to emerging dangers from the EMERCOM units and other structures. Key words: model, assessment, natural and technogenic risks, functionally different influences, counteraction, EMERCOM units.

On the issue of assessing the adequacy of the reserves of insurance companies with various methods for determining the loss of business

2020 ◽  
pp. 46-53
Author(s):  
Margarita Naslednikova ◽  
Alexandr Zamalov
Keyword(s):  
Comparative Analysis ◽  
Health System ◽  
Financial Reporting ◽  
Accounting Standards ◽  
Insurance Companies ◽  
Insurance Company ◽  
Reporting Standards ◽  
Loss Ratio ◽  
Qualitative Characteristic ◽  
Financial Reporting Standards

The article discusses methods for calculating the loss ratio of insurance companies, including compulsory medical insurance, which is the basis for building a health system; su’ciency of formed reserves, which are created in connection with the possibility of losses. Variants of interpretation of calculated indicators into a qualitative characteristic of the insurance company. A comparative analysis of the calculation of indicators of loss-making of insurance companies and the adequacy of the formation of reserves of insurance companies according to Russian accounting standards and in accordance with the requirements of international financial reporting standards.

IMPACT ASSESSMENT ON STORM SURGE RISKS TO CONTAINERS CONSIDERING GLOBAL WARMING

2017 ◽  
Author(s):  
Rikito Hisamatsu ◽  
Rikito Hisamatsu ◽  
Kei Horie ◽  
Kei Horie
Keyword(s):  
Risk Assessment ◽  
Global Warming ◽  
Storm Surge ◽  
Storm Surges ◽  
Assessment Tools ◽  
Inundation Depth ◽  
Risk Assessment Tools ◽  
Risk Maps ◽  
The Impact ◽  
Vulnerability Functions

Container yards tend to be located along waterfronts that are exposed to high risk of storm surges. However, risk assessment tools such as vulnerability functions and risk maps for containers have not been sufficiently developed. In addition, damage due to storm surges is expected to increase owing to global warming. This paper aims to assess storm surge impact due to global warming for containers located at three major bays in Japan. First, we developed vulnerability functions for containers against storm surges using an engineering approach. Second, we simulated storm surges at three major bays using the SuWAT model and taking global warming into account. Finally, we developed storm surge risk maps for containers based on current and future situations using the vulnerability function and simulated inundation depth. As a result, we revealed the impact of global warming on storm surge risks for containers quantitatively.

Indian Life Insurance Market and Corporate Performances: A Study of Selected Firms

2016 ◽  
Vol 4 (1) ◽  
Author(s):  
Joy Chakraborty ◽  
Partha Pratim Sengupta
Keyword(s):  
Market Share ◽  
Life Insurance ◽  
Market Concentration ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Insurance Sector ◽  
Life Insurers ◽  
Company Limited

In the pre-reform era, Life Insurance Corporation of India (LICI) dominated the Indian life insurance market with a market share close to 100 percent. But the situation drastically changed since the enactment of the IRDA Act in 1999. At the end of the FY 2012-13, the market share of LICI stood at around 73 percent with the number of players having risen to 24 in the countrys life insurance sector. One of the reasons for such a decline in the market share of LICI during the post-reform period could be attributed to the increasing competition prevailing in the countrys life insurance sector. At the same time, the liberalization of the life insurance sector for private participation has eventually raised issues about ensuring sound financial performance and solvency of the life insurance companies besides protection of the interest of policyholders. The present study is an attempt to evaluate and compare the financial performances, solvency, and the market concentration of the four leading life insurers in India namely the Life Insurance Corporation of India (LICI), ICICI Prudential Life Insurance Company Limited (ICICI PruLife), HDFC Standard Life Insurance Company Limited (HDFC Standard), and SBI Life Insurance Company Limited (SBI Life), over a span of five successive FYs 2008-09 to 2012-13. In this regard, the CARAMELS model has been used to evaluate the performances of the selected life insurers, based on the Financial Soundness Indicators (FSIs) as published by IMF. In addition to this, the Solvency and the Market Concentration Analyses were also presented for the selected life insurers for the given period. The present study revealed the preexisting dominance of LICI even after 15 years since the privatization of the countrys life insurance sector.

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