Know your correlation: An interactive game
Author(s): John Hillier
Organisation(s)/Authors: Loughborough University
Description:
Aimed at people new to the field of catastrophe risk management or multi-hazard risk, this serious game simulates 6 possible hazards (i.e. causes of loss) and explores how hazard interactions and dependency between lines of business or regions can influence the chance of loss exceeding a threshold. The aim of the game is to explore correlation and dependencies to estimate losses.
Technical Considerations:
Key Words:
Insurance, Risk correlation, Natural hazard Dependency, Co-occurring hazards, Compound risk