Catastrophic risk - Erik Banks

Catastrophic risk is one of the most significant and challenging areas of corporate risk management. The onset of hurricane, earthquake, windstorm, terrorism, systemic financial dislocation, or "clash losses" can create billions of dollars of losses, financially damaging companies and regional/national economies. A single "supercat" event affecting a densely populated and economically productive area may be exceptionally devastating, causing losses in excess of USD100 billion. The possibility that these catastrophic events can occur means that the topic must be properly considered: at the corporate level directors must ensure sufficient resources and post-loss financing arrangements to avoid financial distress, and at the macro level regulators and intermediaries must ensure adequacy of risk mechanisms to absorb losses. Catastrophic Risk is the first comprehensive volume to address the topic from a financial perspective. The book should be essential reading for corporate treasurers, CFOs and insurance/financial risk managers responsible for corporate risk management.