Risk and insurability of storm damages to residential buildings in Austria

Details

Serval ID
serval:BIB_C96BE4A6814E
Type
Article: article from journal or magazin.
Collection
Publications
Institution
Title
Risk and insurability of storm damages to residential buildings in Austria
Journal
The Geneva Papers on Risk and Insurance - Issues and Practice
Author(s)
Prettenthaler F., Albrecher H., Köberl J., Kortschak D.
ISSN
1018-5895
Publication state
Published
Issued date
04/2012
Peer-reviewed
Oui
Volume
37
Number
2
Pages
340-364
Language
english
Abstract
This paper develops a stochastic model to assess storm risk in Austria, which relates wind speed and actual losses. By virtue of a building-stock-value-weighted wind index, we use suitably normalised historical loss data of residential buildings over 12 years and corresponding wind speed data to calibrate the model. Subsequently, additional wind speed data is used to generate further scenarios and to obtain loss curves for storm risk that give rise to storm insurance loss quantiles and corresponding solvency capital requirements both on the aggregate and on the regional level. We also investigate the diversification effect across regions and use tools from extreme value theory to assess the insurability of storm risk in Austria in general.
Keywords
storm damage, residential buildings, extreme value statistics, spatial dependence model, insurability, Austria
Web of science
Open Access
Yes
Create date
30/01/2012 14:12
Last modification date
20/08/2019 15:44
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