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A novel strategy to determine the insurance and risk control plan for natural disaster risk management |
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| Authors: | Cheng-Wu Chen Chun-Pin Tseng Wen-Ko Hsu Wei-Ling Chiang |
| Institution: | 1. Institute of Maritime Information and Technology, National Kaohsiung Marine University, Kaohsiung, 80543, Taiwan 2. Global Earth Observation and Data Analysis Center, National Cheng Kung University, Tainan, 701, Taiwan, ROC 3. Chung Shan Institute of Science and Technology, Armaments Bureau, Taoyuan, Taiwan 4. Research Center for Hazard Mitigation and Prevention, National Central University, Jhung-li, Taoyuan, Taiwan 5. Department of Civil Engineering, National Central University, Jhung-li, Taoyuan, Taiwan, ROC |
| 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. |
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