2-8 notes - Insurance claims for Katrina are estimated to...

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Insurance industry perspective EST 330 – Natural Disasters 2/8/06 Structural mitigation Strengthening buildings and infrastructures Non-structural mitigation Land used plans and regulations Relocating damaged existing development to safer areas following a disaster Protective features of natural environment - dunes, wetlands, forests, vegetated areas, and other ecological elements that absorb and reduce hazard impacts National Mitigation Goal by 2010 by the Federal Emergency Management Agency (FEMA) To substantially increase public awareness To significantly reduce the risk of loss of life National Mitigation Goal: 10 Principles (overview) Risk reduction Before any steps towards risk reduction you must have risk analysis All mitigation is local Proactive awareness; not just post –disaster programs Hurricane Katrina Prior to 1980 – no billion dollar disaster in the US
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Unformatted text preview: Insurance claims for Katrina are estimated to be greater that $23+ billion Estimated reconstruction costs are in excess of $200 billion It is the most expensive disaster in U.S. history. Epicenters of the earthquakes in Turkey are getting closer to its capital, Istanbul. Insurance industry perspective Disasters are increasing in frequency because of the population growth in high risk areas. Vulnerability of those in high risk areas. California: For example, if an earthquake of the same magnitude that struck San Francisco in 1906 were to occur today, estimated insured damage costs would exceed $225 billion Florida: It is estimated that the value of all properties at risk exceeds $1 trillion Worldwide: Forty of the fifty fastest growing cities in the world are located in seismically active areas...
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