Reference Work Entry

Encyclopedia of Earthquake Engineering

pp 1184-1206

Date:

Insurance and Reinsurance Models for Earthquake

  • Katsuichiro GodaAffiliated withDepartment of Civil Engineering, University of Bristol Email author 
  • , Friedemann WenzelAffiliated withGeophysical Institute, Karlsruhe Institute of Technology
  • , James Edward DaniellAffiliated withGeophysical Institute, Karlsruhe Institute of Technology

Introduction

Building sustainable and resilient communities against extremely large earthquakes is a global and urgent problem in active seismic regions. A catastrophic earthquake and its cascading events, such as tsunami and fire, affect multiple structures and infrastructure simultaneously and have far-reaching economic impact across various sectors in a complex manner. Incurred seismic damage includes loss of life and limb, direct financial loss to building properties and lifeline facilities (capital stock), and indirect loss due to the ripple effects of the direct loss across regional and national economies. All these consequences are revealed in an abrupt reduction of gross domestic product (GDP) for national economy and of stock indices and prices for companies.

One of such devastating events was the 2011 Mw9.0 Tohoku earthquake in Japan among recent earthquake disasters around the world (e.g., 2004 Sumatra, 2008 Wenchuan, and 2010 Haiti earthquakes). For instance, a post-earthquak ...

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