Paper
Basic Residential Earthquake Insurance and Criteria of Total Loss Claims for Reinforced Concrete Structures
- Authors:
- Cheng-Chung Chen; Qiang Xue
- Abstract
- A basic earthquake insurance policy associated with total loss coverage has been implemented in Taiwan to transfer risk caused by devastating earthquake. Acceptance of such an insurance claim depends on two criteria. One is that a building is identified as uninhabitable and required rebuilding. The other is that the repair to replacement cost ratio of a building exceeds 50%. Whether the first criterion is met or not depends on the building damage state which can be determined through a damage rating system based on post-earthquake damage inspection on structural components and system. However, the second criterion has not been implemented for an adjuster to follow without detail financial loss estimation by specialized engineers. Besides, there is no reference to show that these two criteria are consistent. This paper aims to link post-earthquake damage of structural components and direct financial loss for RC residential buildings based on post-earthquake damage evidence. As a result, the second acceptance criterion can be implemented. The statistical analysis shows that the two criteria are consistent in average. A new assessment procedure by incorporating criteria in terms of both damage and direct financial loss has been introduced. With this loss model, half loss coverage or partial loss coverage could be introduced into the basic earthquake insurance in this region.
- Keywords
- Residential Earthquake Insurance; Earthquake; Total Loss Claims Identification; Reinforced Concrete Structure; Underwriters
- StartPage
- 124
- EndPage
- 130
- Doi