Australia is one of the most fire-prone countries in the world and in 2009, Risk Frontiers developed the first-ever Australian bushfire loss model. Today, Risk Frontiers draws on unparalleled experience to deliver assessments to residential, commercial and industrial businesses in bushfire prone areas across the country.
Precisely how a changing climate will affect natural disasters is extremely difficult to anticipate yet severe impacts on the distribution, frequency and intensity of some risks is possible.
Population density in Australia and the broader Asia-Pacific region is historically clustered on the coast – more than 80% of Australians live within the coastal zone. A key challenge for government is to manage the exposure of a growing coastal population in an inherently dynamic hazard zone.
Risk Frontiers is partnering with Optus Macquarie University Cyber Security Hub to develop insurance and reinsurance industry focussed solutions for analysing cyber security risk.
Traditionally, the focus in most economies has been on direct impacts from natural disasters, such as property losses. However, governments and other agencies need to understand not just the direct damage from large-scale natural disaster events but also, importantly, indirect losses in other parts of the economy, such as output losses.
As the tragedy seen in Christchurch in 2011 showed, earthquakes in New Zealand have the potential to cause significant loss of life and damage to buildings. While less frequent, earthquakes in Australia can also cause damage and loss.
Risk Frontiers is one of Australia’s leading flood risk specialists. As well as being joint developers of the National Flood Information Database for the Insurance Council of Australia and sole developers of the Flood Exclusion Zone database, Risk Frontiers has also undertaken regional and local flood reviews for insurers.
Hail is Australia’s most costly natural hazard and research into hail hazard and damage is among the earliest carried out at Risk Frontiers. HailAUS has been in continued development for over a decade, with a major update covering the whole of Australia due for release early 2017.
The historical death toll from heatwaves in Australia is larger than that of all other natural disasters put together and yet the community is lacking the tools to both define and communicate the risk associated with such extreme events.
For holders of critical infrastructure asset portfolios such as water, electricity, dams, data centres and other essential services, Risk Frontiers has industry-leading expertise in creating tailored solutions.
Australia, like many other Western countries, faces the threat of terrorist attacks on home soil. To help understand the financial impacts of explosive devices arising from potential terrorism-related events, Risk Frontiers has developed a deterministic model that combines detailed exposure modelling and bomb blast damage footprints calculated from over-pressure impulse loading of buildings.
Tropical cyclones, also known as typhoons or hurricanes, can cause widespread damage and significantly influence global natural disaster losses.
Risk Frontiers has a strong research program in volcanic risk and has developed two key volcanic hazard and loss models for application in New Zealand and Japan. A large number of volcanic risk projects have also been conducted at Risk Frontiers.