Gordon Woo

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Traditionally, the pricing of terrorism risk has been discovered from the balance of supply and demand in the insurance market, rather than evaluated from actuarial principles. Risk selection through the use of site security surveys has helped reduce the number of inferior risks, and systematic portfolio risk aggregation has limited the Probable Maximum(More)
The procedure for estimating Probable Maximum Loss (PML) for natural catastrophes has evolved over the past few decades from a rather simplistic deterministic basis to a more sophisticated methodology based on loss exceedance probability curves, generated using catastrophe modelling software. This development process is reviewed, with an emphasis on the(More)
The World Trade Center disaster was a stark reminder to the insurance industry of the potential dire consequences of accumulating high concentrations of insured value and underestimating a hazard to which they are exposed. By imposing strict coverage limits, or stopping to offer terrorism cover for large commercial policies, initial steps can be taken to(More)
has resulted in major advances in the quantification and management of a class of catastrophe insurance risks. The control of accumulations of exposure in urban areas is a basic principle of insurance portfolio management, but quantitative terrorism risk assessment, which has evolved rapid ly as a technical discipline since 9/11, has capabilities extending(More)
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