New developments in science and technology are making the potential economic impacts of natural catastrophes, both in the medium and long term, more understandable and accessible to local government, individual asset owners and decision-makers. Executive SummaryGroups ranging from individual mortgagors to community governments and regulators are potential users of catastrophe model outputs thanks to developments like relative risk scores, visualization tools and the possibility of providing single-point (individual address) natural catastrophe modeling outputs.
Historically, natural catastrophe models and their outputs have been difficult to understand and apply in daily life. Typically, results would be presented in tables of terabytes of multidimensional interrelated data. More recently, progressive scientists have taken the hazard components of these models—which tell you what could and is likely to happen physically or meteorologically speaking at a point on the Earth—and converted that to a relative risk score.