Risk Analytics for Estimating and Validating Magnitude of Earthquake Losses

Abstract

The support for data ingestion and data integration from multiple data sources for rapid loss estimation and visualisation is highly desirable in post-event catastrophe modelling systems. In this paper, the design and development of a distributed system for real-time estimation and visualisation of insured losses incurred due to earthquakes is presented. The system incorporates a model for estimating losses due to earthquakes in near real-time and a geo-browser for visualisation of hazard, exposure and loss data. Preliminary validation of the system is performed using as test cases six global earthquakes and their associated industry loss data. The key result is that the system can generate reasonable order of magnitude estimates with limited data.