Work

Research on Weather Index-Based Insurance Method Based on EMW-AHP Algorithm

Year: 2024

Type: article

Abstract: Extreme-weather events are becoming a crisis for property owners and insurers. The world has endured “more than $1 trillion in damages from more than 1,000 extreme-weather events in recent years.” However, by classifying the risk caused by extreme weather with weather index, weather index-based insurance method can be interesting for both property owners and insurers. This paper investigates the construction of the weather index-based insurance method following the example of two cities that experience extreme weather. This investigation is based on weather situation data form 40 different cities. Furthermore, In this paper, EWM-AHP algorithm is used to process the data, so as to construct the weather index-based insurance method. The results show that the regional weather risk can be divided into four levels according to the weather index calculated by equation given in the insurance method.

Source: Highlights in Science Engineering and Technology

DOI: 10.54097/hc43q707

Authors: Zhiyuan Xu, Yiyan Ji, Qiaoyi Zheng

Language: English

Topic: Insurance and Financial Risk Management

Subfield: Economics and Econometrics

Field: Economics, Econometrics and Finance

Domain: Social Sciences

SDGs: Climate action, Sustainable cities and communities

Open Access status: diamond

OpenAlex ID: W4403986925

FWCI: 0.362

Cites:

Cited by: 1

Related to: 10