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Natural Hazards & Disasters terms
Quakes, fires, floods and storms: the monitoring, the maps and the loss models.
Catastrophe model (cat model) A model that simulates potential natural disasters and estimates the resulting financial losses across an insured portfolio. Coastal flood modeling Simulating where and how deeply coastal areas will flood from storm surge, high tides and sea-level rise. Damage assessment Systematically estimating the scope and severity of destruction after a disaster to guide response and recovery funding. Early warning system (EWS) A monitoring and alerting system that detects a developing hazard and issues warnings before it strikes a population. Evacuation modeling Simulating how a population will move out of a hazard area to plan routes, timing, and capacity before a disaster hits. Exposure data The detailed inventory of assets, locations, values and characteristics at risk that a catastrophe or risk model runs against. Probable maximum loss (PML) The largest loss an insurer or asset owner expects from a single severe event, at a specified probability threshold. Return period The average time expected between two events of a given severity, such as a 100-year flood, based on historical frequency. Wildfire risk modeling Estimating the likelihood and potential severity of wildfire at a given location by combining fuel, weather and ignition data.