GG231 Lecture Notes - Lecture 1: Vehicle Insurance
Document Summary
Risk the product of the probability of a hazardous event and the expected damage if the event does occur. Hazard (natural) a natural process that poses potential threat to people and property. Disaster a brief event that causes great damage or loss of life in a limited geographic area. Response sequence to a disaster (recovery: the first two weeks after a disaster are the period of emergency, during which normal activities cease or are changed. In the restoration phase which typically lasts several months, normal activities return, although perhaps not at pre-disaster levels. Finally during reconstruction the capital stock is replaced, major new construction is completed and normal activities return. Vulnerability to hazards: much of human vulnerability has little or no relationship to the particular hazard, such as tornadoes or chemical release. It is related to activities and circumstances of everyday life.
