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Speaker: David J. Wald, Ph.D., Seismologist, U.S. Geological Survey, National Earthquake Information Center Adjunct Associate Professor of Geophysics, Colorado School of Mines Golden, Colorado.
In the immediate aftermath of a damaging earthquake, billions of dollars of relief, recovery and insurance funds are in the balance. Much of these funds are now distributed via new financial instruments that allow those with resources to hedge against disasters and those at risk to limit their losses and receive funds for response and recovery. Many of these mechanisms—such as catastrophe bonds (catbonds)—have come to rely on near real-time (NRT; typically minutes to a few hours) earthquake information that allows those affected by the consequences of a disaster to quickly access financial capital.
I discuss new NRT earthquake information tools and describe some of their main benefits, including: (1) rapid damage human and economic loss assessments that guide disaster response and aid deployment; (2) informing cat models—used to estimate monetary loss for portfolios of industrial, commercial, or residential exposures, and (3) triggering of so-called parametric transactions—catbonds which rely on the physical measurement of event characteristics to determine if the insured party receives compensation (and how much).
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