Date de publication:
22 Juin 2011
Publié ici :
22 Juin 2011Mis à jour le :
22 Juin 2017Mots-clefs:
- risque
- gestion des risques
- séisme
- catastrophe
- working papers
- publication
- IFP
Zone géographique:
- Asie
Managing catastrophe risks: the case of seisms
Robert Kast
Working Papers Series 3, USR 330 "Savoirs et Mondes Indiens", Ifp/Csh, 2011
Abstract : Catastrophes and risks have had a great influence on the evolution of human development. We analyze behaviors in front of risks, then we consider some basic principles that have guided private and public behaviors. Managing risks has become a specialty for finance and insurance, but they are not the only institutions that allow to confront them. We conclude on an example of how public funds, private insurance and reinsurance companies can work together and use financial markets in order to cover financial risks due to seisms.
Robert Kast : CNRS, LAMETA Montpellier, IDEP Marseille and IFP Pondicherry
Introduction
The first time one talked about insuring seismic risk, it seemed like an earthquake in the world of Finance and Insurance! However, Swis-Re, the world's biggest reinsurance company, and a firm that has managed financial instruments as well as insurance contracts for over a century, confronted the problem and recently arrived at practical solutions, notably for Mexico and the Mediterranean area.
I'll introduce the type of financial contracts proposed in the last section, but first I'll go over the history of risks management, then differences between collective and private approaches in front of risks, before I review different forms of management policies and instruments.
1. Risk management over history: Fighting the four enemies
Let me indulge in my old 68's culture to structure this first analysis on a then classical reference: The way of the pacific warrior by Carlos Castaneda, a strange teaching given to him by an old Mexican Indian sorcerer and related by the author as his Ph.D. thesis at the beginning of the 70's. There are four enemies that an ordinary man has to face and overcome in order to become a warrior (i.e. one pretending to become a proper human being and not just a particular animal).
The first one is fear, the second one is clarity (enlightenment, knowledge), the third one is power (wisdom) and the last one, the one that one can't completely vanquish, is old age, or the evidence of death. I think these four steps may help us to understand how risk has been approached during human history, as well as in each of our individual lives.
(...)
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