Reports Outline Civil Engineering Findings from University College London (UCL) (A Computational Framework for Selecting the Optimal Combination of Seismic Retrofit and Insurance Coverage): Engineering – Civil Engineering

2021 NOV 15 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- Current study results on Engineering - Civil Engineering have been published. According to news originating from London, United Kingdom, by NewsRx correspondents, research stated, “Economic earthquake losses can be mitigated through either building retrofit strategies and/or, to some extent, risk-transfer to the (re)insurance market. This paper proposes a computational framework to select the optimal combination of seismic retrofit and insurance policy parameters for buildings.”

Financial support for this research came from European Commission.

Our news journalists obtained a quote from the research from University College London (UCL), “First, a designer selects a suitable retrofit strategy. This is implemented incrementally to define interventions with increasing retrofit performance levels. The cost of each intervention is calculated, along with the cost of property rental while the retrofit is implemented. Alternative insurance options are considered. For each retrofit-insurance combination, the insured and uninsured economic losses within a given time horizon are estimated. The optimal retrofit and insurance combination minimizes the tail value at risk of the life cycle cost. The selected confidence level for this metric depends on the homeowner’s risk aversion.”

According to the news editors, the research concluded: “The proposed framework is illustrated for a case-study archetype Italian reinforced concrete frame building retrofitted with concrete jacketing, also considering the Italian retrofit tax incentives/rebates called ‘Sismabonus..”

This research has been peer-reviewed.

For more information on this research see: A Computational Framework for Selecting the Optimal Combination of Seismic Retrofit and Insurance Coverage. Computer-Aided Civil and Infrastructure Engineering, 2021. Computer-Aided Civil and Infrastructure Engineering can be contacted at: Wiley, 111 River St, Hoboken 07030-5774, NJ, USA. (Wiley-Blackwell - http://www.wiley.com/; Computer-Aided Civil and Infrastructure Engineering - http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1467-8667)

The news correspondents report that additional information may be obtained from Roberto Gentile, University College London (UCL), Institute of Risk & Disasterer Reduction, London, United Kingdom. Additional authors for this research include Carmine Galasso and Stefano Pampanin.

The direct object identifier (DOI) for that additional information is: https://doi.org/10.1111/mice.12778. This DOI is a link to an online electronic document that is either free or for purchase, and can be your direct source for a journal article and its citation.

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