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Catastrophe Risk Insurance for the Masses

CEE 298 Winter Seminar Series
Haresh Shah, RMS
Tuesday, February 23, 2016 - 4:30 pm
Shriram 104
Recent calamities and various studies have highlighted Natural Catastrophe (CAT) risk as one domain with a pressing need for viable risk transfer solutions, especially in developing Asia. While the way in which we underwrite and manage CAT risk has progressively improved over the past decades, there has yet to be a successful system that protects the livelihoods of millions from the wrath of mother nature. Establishing such a system is a focal point for our research and product development.Low-cost insurance products with adequate catastrophe cover will bring great societal value for the masses.These products will be created using state-of-the-art quantification methods encompassing location-based technology and parametric triggers, thus enabling new approaches to distribution and payout. Compared to its predecessors, Insurance for the Masses products are more relevant and valuable.We wish to create a win-win proposition for the people, insurers and governments alike.To achieve this vision, the IFM business model will be designed to facilitate risk transfer solutions in a sustainable and scalable manner, thus uncovering mass market opportunities for key stakeholders in the IFM ecosystem. We expect that such a breed of low-cost insurance products will create a positive impact in the livelihoods of the masses and assist them to break the cycle of poverty.
Haresh C. Shah retired from Stanford University in January 1998, where he had been a long-time member of the engineering faculty. From 1985 to 1994 he served as Chairman of the Department of Civil Engineering. From 1994 to 1997 he was the Obayashi Professor of Engineering at Stanford. He was a founder, and served as the Founding Director, of Risk Management Solutions, Inc. until September 30, 2001 and is also Chairman of the Board of R. M. Software India Pvt. Ltd. Dr. Shah is a Director of several other private entities in which he is an investor or founder. He is the author of many technical works and has received numerous honors and designations in his fields of engineering. He holds Bachelor and Masters of Engineering degrees and received his Ph.D. in Engineering from Stanford in 1963.