Transcription of A Guide to Catastrophe Modeling - RMS
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A Guide TO Catastrophe MODELLINGIN ASSOCIATION WITHCat modelling Guide 2008 5/12/08 17:33 Page 12 The Review A Guide to Catastrophe Modelling 2008 Catastrophe MODELLING: A STEP-BY-STEP EXAMPLE1. User enters location data and building characteristics into modelThe basic framework for modelling perils is similar. Thisexample illustrates the steps a user would take to arrive atan estimation of modelled losses from hurricane risk to agiven location. 2. Model geocodes location to its geographic coordinates, identifying location s distance to coast 3. Stochastic event module defines event set for specified location and storm type4. Hazard module generates event information including wind speedand storm surge to determine hazard intensity5. Vulnerability module retrieves hazard intensity and generates average damage (ie, mean damage ratio) andassociated uncertainty factoring in building characteristics (eg, roof type, construction type)6.
impact of natural hazards. In particular, the common practice of measuring an earthquake’s magnitude or a hurricane’s intensity is one of the key ingredients in a catastrophe model. A standard set of metrics for a given hazard must be established so that risks can be assessed and managed. This measurement began in the 1800s as well, when ...
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