Quantitative Terrorism Risk Assessment
نویسنده
چکیده
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 Loss from any attack scenario. With such basic risk management procedures in place, it has been possible for international terrorism to be commercially underwritten in Europe and Asia. Of course, the tragic events of September 11 have irrevocably changed the market place of terrorism insurance. Terrorism is now a US catastrophe risk, and as with natural perils that have the power to cause catastrophic insured losses, the development of computerized tools for portfolio risk management has become a topic of urgent practical interest.
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