Underwriting Decision Modeling Based on Regional Hazard Assessment and Urban Resilience

Authors

  • Biao Pang
  • Yutong Zhao
  • Zehao Miao

DOI:

https://doi.org/10.54097/qwpczy81

Keywords:

Insurance Model, Urban Resilience, Nonlinear Multi-objective Optimization, Disaster Assessment.

Abstract

In recent years, frequent extreme weather disasters have posed serious challenges to the economic social, and post-disaster recovery capabilities of places such as the United States, and original insurance models and payout strategies are difficult to adapt. Scientific assessment and response to natural disaster risks have become a key topic. This paper presents the Urban Resilience Index (URI) derived from 18 indicators. The ability of the city itself is rationally assessed for disaster resilience, which better helps insurance companies predict the loss compensation caused by disasters. This study starts by analyzing the risk of disasters in various regions of the United States, takes the intensity and frequency of disasters and the toughness of the city's resistance to disasters into account, and uses nonlinear multi-objective optimization to derive the threshold value of the payout strategy in a certain region to be around 0.21 and 0.94, respectively, and at the same time, after the control of the scalar function of the number of iterations is between 10 and 15 times, the final determination of the insurance model that responds to the different regions and verifies. The insurance model to cope with other areas is finally determined and its feasibility is verified.

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References

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Published

25-11-2024

How to Cite

Pang, B., Zhao, Y., & Miao, Z. (2024). Underwriting Decision Modeling Based on Regional Hazard Assessment and Urban Resilience. Highlights in Business, Economics and Management, 44, 256-263. https://doi.org/10.54097/qwpczy81