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Conference Chairman:
Councilman Greig Smith
Platinum Sponsor
Wednesday, November 12, 2008
- Megacities and Earthquakes: an L.A. Story
- Life Line Security
- Methods of Preparedness
- Land Use Planning in a Seismic City
- Legislative Process
- How to Deal with What You Have
- Earthquake Technology in Disaster Management
- Creating the Great ShakeOut
Thursday, November 13, 2008
- Science of the ShakeOut
- Field trips to various locations to experience the Great Southern California ShakeOut
- “Share Fair” to exchange information with the various cities present
- Earthquake Technology: Early Warning & Prediction
- Gala Dinner
Friday, November 14, 2008
- Communicating Messages of Preparedness
- Economic & Business Recovery
- Community Resiliency
- Medical Response & recovery
- Disaster Risk Financing
more...
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Session 3D: Risk Financing and Disaster Recovery
This session will discuss how insurance, reinsurance, and other programs can help cities prepare to deal with the recovery effort. Will cities, communities, and individuals have the resources not only to respond to the immediate needs, but for the longer-term recovery efforts related to a large earthquake?
Moderator: Joya C. De Foor, CTP, Treasurer, City of Los Angeles
Adrienne Atwell, Senior Vice President Swiss Reinsurance America Corporation
Omar D. Cardona, Bogotá, Columbia, Presentation
Glenn Pomeroy, CEO, California Earthquake Authority, Presentation |
New options for Disaster Risk Financing
by Adrienne Atwell
Private sector insurers have developed innovative financial risk transfer products to mitigate the impact of a disastrous earthquake. By moving funding to the planning stage pre-disaster, the public sector can leverage available funds most effectively. Identifying the total cost of risk during the planning cycle allows the public entity to identify costs and balance sources and timing of funding to appropriately meet demands. Pre-event risk financing instruments may include establishment of financial reserves, contingent debt agreements, insurance, and/or alternative risk transfer solutions. While traditional property insurance can be effective in protecting government infrastructure as well as commercial and residential properties, additional programs wrap around thise traditional coverage.These can be specifically designed to respond more quickly and efficiently to relieve the economic costs governments bear following an earthquake. |
Innovative Disaster Risk Management Based on Probabilistic Risk Assessment: Applications for Risk Understanding, Communication, Reduction and Financing
by Omar D. Cardona
Co-authors Mario G. Ordaz, Luis E. Yamín, Alex H. Barbat
Understanding probable losses and reconstruction costs due to hazard events creates powerful incentives for countries to develop planning options and tools to cope with risk, including allocating the sustained budgetary resources necessary to reduce those potential damages and safeguard development. A probabilistic risk evaluation model has been developed for Bogotá, Colombia, to evaluate, building by building, the probabilistic losses of different portfolios of exposed elements. It has been useful to evaluate the fiscal contingency liabilities of the government and to build an optimal structure for risk transfer and retention. In addition, an innovative insurance mechanism has been implemented for private housing, using the estate-tax payment and covering the all low-income homeowners through cross subsidies. This model allows the evaluation of the exceedance probability curve of cost-benefit ratio, providing an innovative tool for decision makers to analyze the net benefits of the risk mitigation strategies, such as building retrofitting of schools and hospitals. Lastly, this model is the base for the earthquake loss scenarios for emergency response planning and for the holistic evaluation of disaster risk based on indicators that facilitates the integrated risk management by the different stakeholders involved in risk reduction decision-making. This catastrophic risk model is the base of the multi hazard Central America Probabilistic Risk Assessment (CAPRA) and is a potential contribution for the future development of the Global Earthquake Model (GEM). |
by Glenn Pomeroy
The California Earthquake Authority (CEA) is a publicly managed, largely privately funded organization that provides catastrophic residential earthquake insurance and encourages Californians to reduce their risk of earthquake loss.
The CEA was formed in 1996 to solve the homeowners insurance market crisis that resulted from the $12.5 billion in residential losses incurred from the 1994 Northridge earthquake—the costliest earthquake in US history. Today it is the largest residential earthquake insurance provider in the United States with more than 770,000 policies in force—70% of all residential earthquake policies in California—and more than $3.6 billion in retained capital.
Currently only 12% of Californians choose to purchase earthquake insurance—a number the CEA and policymakers alike feel is too low. The primary reasons behind the low take-up rate are the high premiums and deductibles associated with the current insurance policy. The CEA’s goal in the coming years is to implement policies that would allow lower premiums and deductibles, while maintaining financial strength, that allow the CEA to offer more Californians better protection against the risk of earthquake.
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