Journal
INTERNATIONAL JOURNAL OF DISASTER RISK REDUCTION
Volume 27, Issue -, Pages 439-450Publisher
ELSEVIER
DOI: 10.1016/j.ijdrr.2017.11.008
Keywords
Coastal hazards; Risk; Reinsurance; Risk education; Risk communication; Client thinking
Funding
- Guy Carpenter
- National Research Foundation Singapore under its Singapore National Research Fellowship scheme (National Research Fellow Award) [NRF-RF2010-04]
- National Research Foundation Singapore
- Singapore Ministry of Education under the Research Centres of Excellence initiative
- National University of Singapore Start-up Grant [R-109-000-223-133]
- comprises Earth Observatory of Singapore [103]
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Destructive coastal hazards, including tsunami inundation and storm surges, periodically affect many of the world's coasts. To quantify the risk of such events and to identify premium levels for such hazards, the insurance industry commonly uses the available scientific literature, coupled with probabilistic modelling. Often, communicating the results of the modelling to clients is difficult, as it involves world or regional scale risk maps and complex statistics of recurrence intervals and exposure. Risk maps are particularly problematic because they necessarily generalise the information conveyed to the mapping scale, thereby reducing detail. As a result, entire coastlines can be labelled as high risk, discouraging clients from investing, and/or leading to inappropriately high premium levels. This raises the question: What is the best way to communicate risk at a regional scale without broad generalisations? in our study, we have used historical events as case studies via the pedagogical premise of Concept, Example, Consequence, and created a novel multifaceted poster map. Our approach will encourage reinsurance industry practitioners and clients to reconsider their communication of risk, re-evaluate localised risk, and provide a detailed alternative to the broad generalisations found in many products in the marketplace.
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