NDLI: A novel strategy to determine the insurance and risk control plan for natural disaster risk management

Content Provider	Springer Nature Link
Author	Chen, Cheng Wu Tseng, Chun Pin Hsu, Wen Ko Chiang, Wei Ling
Copyright Year	2012
Abstract	This study presents an extended framework for the analysis of economic effects of natural disaster risk management. It also attempts to define and evaluate the optimal insurance arrangements. A model, the economic utility constrained-maximization model, is proposed. The purpose of this study is to establish a strategy for determining an insurance and risk control plan in which consideration is given to balancing the economic effects (e.g., decrease in costs due to damage) by disaster mitigation. Furthermore, these values are compared with risk control actions for purposes of prioritization, to provide data to help evaluate the benefit of each risk control action. Disaster insurance policy premiums in contrast are based on actuarial data taken from situations in which risk control measures are not employed. This can make such contracts unfair to responsible enterprise managers who must take risk control measures. This represents an unfair aspect of insurance policies. Enterprise managers should be able to determine the optimum arrangement between natural disaster risk control and insurance given their budget limitations. The optimal strategies aim at the best applicability and balance between risk control and insurance capability for the enterprise manager. Risk control measures can generate several risk control options for enterprise managers. Premium discounts by insurers are given in this model.
Starting Page	1391
Ending Page	1403
Page Count	13
File Format	PDF
ISSN	0921030X
Journal	Natural Hazards
Volume Number	64
Issue Number	2
e-ISSN	15730840
Language	English
Publisher	Springer Netherlands
Publisher Date	2012-08-08
Publisher Place	Dordrecht
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Economic utility Constrained-maximization model Risk control Natural disaster Geophysics/Geodesy Hydrogeology Geotechnical Engineering & Applied Earth Sciences Environmental Management Civil Engineering Natural Hazards
Content Type	Text
Resource Type	Article
Subject	Atmospheric Science Water Science and Technology

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