Mediaspace scheduled maintenance: Aug 25, 2026 07:00 - 12:00 AM. During this time, videos will be temporarily unavailable. Check status updates.

Lecture

Opportunities and applications in (re)insurance

Description

This lecture explores the new space economy and its impact on the insurance sector, focusing on Earth Observation applications for risk assessment and product development. It covers examples of EO applications, natural catastrophe losses, catastrophe modeling principles, event response, and the design of new insurance products.

In MOOC

New Space Economy

Official source

Related concepts (12)

Insurance

Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured.

Risk assessment

Risk assessment determines possible mishaps, their likelihood and consequences, and the tolerances for such events. The results of this process may be expressed in a quantitative or qualitative fashion. Risk assessment is an inherent part of a broader risk management strategy to help reduce any potential risk-related consequences. More precisely, risk assessment identifies and analyses potential (future) events that may negatively impact individuals, assets, and/or the environment (i.e. hazard analysis).

Catastrophe modeling

Catastrophe modeling (also known as cat modeling) is the process of using computer-assisted calculations to estimate the losses that could be sustained due to a catastrophic event such as a hurricane or earthquake. Cat modeling is especially applicable to analyzing risks in the insurance industry and is at the confluence of actuarial science, engineering, meteorology, and seismology.

Natural disaster

A natural disaster is the highly harmful impact on a society or community following a natural hazard event. Some examples of natural hazard events include: flooding, drought, earthquake, tropical cyclone, lightning, tsunami, volcanic activity, wildfire. A natural disaster can cause loss of life or damage property, and typically leaves economic damage in its wake. The severity of the damage depends on the affected population's resilience and on the infrastructure available.

Risk management

Risk management is the identification, evaluation, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.

Related lectures (31)

Insurance: Risk Transfer Mechanism MOOC: A Resilient Future: Science and Technology for Disaster Risk Reduction

Explores insurance as a risk transfer instrument within disaster risk reduction, emphasizing the importance of combining insurance with other risk reduction approaches.

Insurance and Reinsurance MOOC: A Resilient Future: Science and Technology for Disaster Risk Reduction

Explores how insurance puts a price tag on risk, helps people share risk, and plays a crucial role in disaster risk reduction.

Disaster Risk Reduction: Concepts and Strategies MOOC: A Resilient Future: Science and Technology for Disaster Risk Reduction

Explores risk, disaster risk reduction, capacity, and resilience in disaster management, emphasizing the role of science and technology.

Crisis Management: Hurricane Katrina

Explores the crisis management of Hurricane Katrina, emphasizing the importance of preparation, response, and communication in handling such disasters.

Inclusive Insurance: Challenges and Solutions MOOC: A Resilient Future: Science and Technology for Disaster Risk Reduction