Catastrophic Risks And Insurance (Policy Issues in by OECD

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Luhmann, Die Realität der Massenmedien (1996), pp. 53-81; Dunwoody/Peters, The Mass Media and Risk Perception, in: Risk is a Construct: Perceptions of Risk Perception, ed. by Bayerische Rück (1993), pp. 293-317. 5 Typical fire and explosion risks: x A fireworks explosion at a large informal market in Lima’s old town on 29 December 2001 caused 463 fatalities and destroyed four entire blocks: x A dynamite explosion at a barracks in a very densely populated area of Lagos (Nigeria) on 27 January 2002 resulted in over 500 fatalities.

Cities create “heat islands” which may lead to more waves, severe storms, and flash floods. Research is still continuing into this area and it remains a hotly discussed subject. Weather related events appear to becoming more extreme. In autumn 2000, rainfall in England and Wales was the highest since records began. Unprecedented floodwaters rose in central Europe in August 2002. Temperature records were shattered in much of Europe and the Western US in July and August 2003, even as South African temperatures reached record lows.

Workers’ Compensation Terrorism Reinsurance Pool Feasibility Study, Tillinghast, February 2004. 4. Risk & Insurance, Today’s 10 Greatest Risks, April 15 20044. 5. For more information on EXPECT please visit WWW. Com or contact Benfield ReMetrics Software Team on +44 207 578 7425. CATASTROPHIC RISKS AND INSURANCE – ISBN 92-64-00994-9 – © OECD 2005 PART I Chapter 4 Insurance of Atmospheric Perils – Challenges Ahead by Peter Zimmerli* Swiss Re The (re)insurance of damage caused by weather related risks has a long history and is well established in all mature insurance markets.

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