Earthquake Risk Transfer for Transportation systems

Hanshin Expressway Route 3 Kobe Route

Fig 1. Hanshin Expressway Route 3 that collapsed in the 1995 Kobe earthquake

Sector

Including fuel supply, railway network, airports, harbors, inland shipping;
Sector partners include individuals, groups, and organizations that have responsibility for the security and resilience of the Sector’s assets, systems, and networks. Federal, State, local, tribal, territorial, and foreign governmental entities; critical infrastructure owners and operators; and regional organizations and coalitions are responsible for critical infrastructure security and resilience. Academic and professional entities, international organizations, nonprofit employee representative organizations, volunteer organizations, and the public are important community stakeholders.

Earthquake Risk Transfer for Transportation Systems

Sector Risks

Risks to critical transportation infrastructure include natural disasters as well as manmade physical and cyber threats. Manmade threats include terrorism, vandalism, theft, technological failures, and accidents. Cyber threats to the Sector are of concern because of the growing reliance on cyber-based control, navigation, tracking, positioning, and communications systems, as well as the ease with which malicious actors can exploit cyber systems serving transportation.

Natural disaster risks to transportation systems include earthquakes, wildfires, flooding, and extreme weather events, such as blizzards, hurricanes, tornados, and droughts, all of which have the potential for widespread disruption of transportation services. Risks from natural disasters have a varying regional or local relevance because of prevailing weather patterns, geological trends, topographical features, and population density.

Sector Partners and Stakeholders

Sector partners include individuals, groups, and organizations that have responsibility for the security and resilience of the Sector’s assets, systems, and networks. Federal, State, local, tribal, and territorial, and foreign governmental entities; critical infrastructure owners and operators; and regional organizations and coalitions are responsible for critical infrastructure security and resilience. Academic and professional entities, international organizations, nonprofit employee representative organizations, volunteer organizations, and the public are important community stakeholders. The Sector engages its partners through a collaborative process to determine Sector goals, priorities, and risk methodologies as they relate to the physical, human, and cyber elements of critical transportation infrastructure.

Affordable Risk Transfer

Once a loss occurs, it is too late to revise an insurance policy. Consequently, the policyholder must be extremely diligent during policy purchase and renewal. Understanding specific insurance requirements, carefully calculating the property and business interruption values, outlining contingency plans, and anticipating the potential losses at each location are all key steps in maximizing future insurance recoveries. In sum, paying close attention to the potential impact of a loss at the insurance procurement stage will help to minimize issues and maximize recovery when a loss does occur.

Proposing the best time-window(s) for maximizing insurance coverage before a catastrophe is the Earling solution to transfer earthquake risks. Instead of 365 days insurance, maximize the current coverage only for a few days in each year.

Now that revising insurance policies once a loss occurs is too late, Earling helps to know the best time to transfer risk through new policies or extending the current coverage for a limited period of time for example only for 10 days and not for 365 days of year.
Maximizing insurance coverage after a catastrophic loss is difficult for any company but Earling Earthquake Preparedness Alerts assists to do it before a catastrophe occur.

Well Known Risk Takers

Tackle your risks with our solutions to the big players. We propose enterprise companies as well as SMEs and individualizes the best time to purchase a new earthquake policy or extending the current coverage to make it inexpensive.
risk takers
Currently, Japan, New Zealand, Greece, Turkey, Caribbean, Chile, Ecuador, Taiwan, Romania, Indonesia, California are the regions, which Munich Re accepts their risks. In addition, South Africa, Oklahoma and Utah are subject to further work. Also, between the regions that Earling issues Earthquake Preparedness Alerts, Japan, New Zealand, Caribbean, Chile, Ecuador, Taiwan, Indonesia and US (California, Utah) are undercover by Swiss Re to take the risks.

How we can help?

In general, Earling has a global seismic monitoring network and specialists that are subject matter experts. Regarding the challenges mentioned above, Earling is been able to deliver support.

  • In the pressure on profitability, performance management and key performance indicator settings.
  • In the entrance of parametric insurance markets and issuing alternative products, Earling can deliver independent advice by our global resources.
  • To keep control on the impact of catastrophic events, Earling can assist in optimizing, validating on Cat and reinsurance programs modelling.

Requirements

Schedule a meeting to see how Earthquake Preparedness Alerts can transfer your risks.
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