Parametric catastrophe bonds for tsunamis: Cat-in-a-box trigger and intensity-based index trigger methods

Katsuichiro Goda*, Guillermo Franco, Jie Song, Alin Radu

*Corresponding author for this work

Research output: Contribution to journalArticle (Academic Journal)peer-review

4 Citations (Scopus)
216 Downloads (Pure)

Abstract

This study presents a calibration of CAT-in-a-Box and intensity-based index trigger mechanisms for parametric tsunami catastrophe bonds. Trigger conditions for the former are based on fundamental event characteristics, such as earthquake location and magnitude, whereas those for the latter utilize tsunami wave height measurements at a series of observation stations. These solutions are illustrated for a building portfolio in Iwanuma City in Miyagi Prefecture, Japan, by considering a new seafloor observation network S-net off the Tohoku-Hokkaido coast of Japan. Performances of the two types of parametric solutions are quantitatively evaluated and compared with each other to discuss their advantages and disadvantages.

Original languageEnglish
Pages (from-to)113-136
Number of pages24
JournalEarthquake Spectra
Volume55
Issue number1
DOIs
Publication statusPublished - 1 Feb 2019

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