The Problems with PMLs

Searer, Gary R.; Paret, Terrence F.; Kehoe, Brian; Hachem, Mahmoud

doi:10.1061/41084(364)56

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“…Over the past few decades, the procedure for estimating PML has evolved from a rather simplistic deterministic basis to a more sophisticated methodology based on loss exceedance probability curves (Woo, ). Unfortunately, PML does not have a standard quantitative definition, as pointed out by Zadeh () and Searer et al (). A number of competing definitions have been used over the years to describe what a PML refers to, including the strength of the earthquakes involved and the confidence level associated with the PML.…”

Section: Methodology Of Earthquake Loss Assessmentmentioning

confidence: 99%

Earthquake insurance pricing: a risk‐based approach

Lin

2017

Disasters

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Flat earthquake premiums are 'uniformly' set for a variety of buildings in many countries, neglecting the fact that the risk of damage to buildings by earthquakes is based on a wide range of factors. How these factors influence the insurance premiums is worth being studied further. Proposed herein is a risk-based approach to estimate the earthquake insurance rates of buildings. Examples of application of the approach to buildings located in Taipei city of Taiwan were examined. Then, the earthquake insurance rates for the buildings investigated were calculated and tabulated. To fulfil insurance rating, the buildings were classified into 15 model building types according to their construction materials and building height. Seismic design levels were also considered in insurance rating in response to the effect of seismic zone and construction years of buildings. This paper may be of interest to insurers, actuaries, and private and public sectors of insurance.

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Section: Methodology Of Earthquake Loss Assessmentmentioning

confidence: 99%

Earthquake insurance pricing: a risk‐based approach

Lin

2017

Disasters

View full text Add to dashboard Cite

show abstract

The Problems with PMLs

Cited by 1 publication

References 0 publications

Earthquake insurance pricing: a risk‐based approach

Earthquake insurance pricing: a risk‐based approach

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