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Presentation Abstract
The infrequent nature and highly temporal and spatial variability of catastrophic risks, such as hurricanes, invalidate the standard actuarial approaches traditionally employed by the (re)insurance industry for risk modeling and management. Catastrophic risk models thus emerged in the 1990s, initially for (re)insurance purposes, and were gradually adopted by governmental regulatory and industry rating agencies. While risk models have improved over time, modeling uncertainty remains due to limitations in our understanding of risks and the lack of adequate-quality historical observations for model development and validation. In this talk, I will discuss the conception and principles of catastrophic risk modeling, as well as its applications and challenges. The discussion will also touch upon career opportunities and professional growth in catastrophic risk modeling and management within the (re)insurance industry for individuals with an engineering background.
Speaker Bio
Dr. Jianming Yin is the Principal Catastrophe Scientist at China Re Catastrophe Risk Management Company Ltd., where he is responsible for developing China's natural catastrophic risk models, including those for typhoons, earthquakes, and floods. He has over 20 years of experience in risk modeling and management of natural catastrophic risks from a (re)insurance perspective. Prior to joining China Re, he held executive positions in various organizations in the US, leading research and modeling efforts on natural catastrophes. Dr. Yin's expertise spans global tropical cyclone and tornado/hail risks, as well as earthquake and flood risks in Asia and North America. He has been an invited speaker and panelist at numerous technical conferences, as well as conferences sponsored by governments, universities, and industry bodies, focusing on natural catastrophic risks and their financial modeling. He earned his Ph.D. in Civil/Wind Engineering from Texas Tech University in 1996.