By Erik Banks

Catastrophic threat is among the most important and difficult parts of company possibility administration. study this chance on your corporation with Catastrophic Risk and confirm you have got enough assets to soak up losses and stay away from monetary misery.

The first entire quantity to deal with this subject from a monetary standpoint, this ebook is a advisor to the worst monetary hazards threatening businesses and industries at the present time. writer Eric Banks starts off with a attention of ?catastrophe? and its mplications, appears to be like on the country of actuarial and monetary modelling of disaster hazards, and discusses the construction of a possibility administration framework that might let the effective and safe administration of publicity. Catastrophic Risk is vital interpreting in case you are a company treasurer, CFO, or insurance/financial chance supervisor accountable for company hazard administration. Order your reproduction today.

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Additional info for Catastrophic Risk: Analysis and Management (The Wiley Finance Series)

Example text

Latent heat is released as water vapor in the air mass condenses, adding warmth to the air and forcing it higher. When the mass of water ultimately becomes too heavy for the updrafts of air, upper level precipitation begins, causing downdrafts and rain and drawing in cool air. The process can bring drenching rains and strong winds, which only dissipate when sufficient cool air is brought into the system. Super-cells are extremely powerful thunderstorms that form when strong winds from different directions and altitudes create an intense meso-cyclone; air rising and falling within the cyclone intensifies the storm’s energy and keeps rain and hail from falling for a period of time.

Indeed, the depth and breadth of personal and commercial losses due to business interruption can be substantial, and increases as society becomes more reliant on technology to conduct its affairs; in fact, vulnerability to technological failure may be increasing more rapidly than vulnerability to other perils. Technological failure may be accidental or deliberate, and attributable to human error, lack of control, or criminal intent (when failure is designed to intentionally destabilize social mechanisms, the peril is more appropriately considered an act of terrorism, as above).

Only when combined is an economy likely to be able to withstand the onset of one or more large disasters. 5 OVERVIEW OF THE BOOK With this brief overview of catastrophe risk in hand, we are now prepared to examine the topic in greater detail. In the balance of Part I we continue with our focus on identification and quantification: r In Chapter 2 we commence our discussion of specific catastrophic perils, focusing on both r r natural and man-made disasters and how they occur. We do not intend to provide a technical, scientific, or socio-political discussion on why disasters happen, or an exhaustive catalog of all the events that have occurred in the past few decades.

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