Catastrophe modelling / physical risk
The importance of effective measurement, communication and understanding of risk of natural disasters
In the media and the general community, it has become common practice to classify natural disasters as a ‘one-in-X-year’ event. This phrase can be misleading if interpreted literally, possibly leading people to think that their risk actually reduced because they have 100 years to wait before the next ‘one-in-100-year’ event. This article aims to clear up the murky waters.
