Man Made Hazards Essay Writing

Natural And Man Made Disasters Essay

Both natural and man-made disasters are considered as events that can cause a large amount of losses and correlated with a small probability. It is rational for the population to have insurance against such events because most people are risk adverse: a risk adverse person means that the person will not prefer risk and will try to minimalize it. However, there is only a proportion of the population taking insurance against such events , without having insurance against such risk of losses banks were finding it a problem to issue loans and mortgages because they are exposed to the risk. To explain why there are only a small proportion of people insured (using the US as an example); the first step is to understand the insurance models, then to consider the behaviors of the demand side and supply side.
To understand why people who are at risk and not insured against it, it is important to understand how insurance works. Insurance is made to reduce risks by the purchaser paying a certain amount of money called a premium collected by the insurer. The premium is calculated by the insurer based on the probability of the occurrence of the event, the amount losses of the event and additional administration charges. The insurer collects the premiums and set up a pool of capital which is used to pay the unfortunates as coverage. Therefore it reduces the potential risk to a certain (or near) amount of losses that the purchaser paid as premium. Hence it explains why insurance is favorable to most people because most people are risk- adverse, so they are willing to pay small amount money to reduce the potential risk of large losses.
However, if insurance is favorable then why are people not insuring it, especially where the losses from disasters are great? The reason for it is because consumers do not value their insurance as much, therefore they are less likely to obtain insurance. There are a lot of reasons as to why consumers are behaving that way; firstly the consumers lack accurate information to make a decision. The consumers thinks that the probability of a disaster occurring is so low that there is no need in getting protection and keep paying premiums. However this is incorrect, because they do not realize that they are exposed to greater loss without insurance, they are only focusing on the current situation rather than maximizing the long-run benefit.
To solve this problem, it is simply to make the consumer aware of the actual risk they face. For example, it is true that some people who live in potential flooding area do not know they are at risk, so they think there is no need in getting insurance. Thus, the solution is to inform people in potential flooding area that they are at risk of flooding and it is better to be insured. To do this, the government needs to update the flood maps so they can identify the potential areas that are prone to risk and then inform them.

In addition to the reason above, the “Samaritan effect”7 also reduce the...

Loading: Checking Spelling

0%

Read more

Relationship Between Climatologic Natural Disasters and Terrorism

1613 words - 6 pages In the wake of the devastating earthquake that hit Port-au-Prince, Haiti, questions have surfaced concerning the future stability within the country . Though the estimates of the number of casualties range between the tens of thousands and hundreds of thousands depending upon the source, the scale and variance of the estimates are telling signs of the destruction and chaos that the earthquake has generated. As the Haitian people begin the long...

Natural Disasters and Community Warning Systems

1368 words - 5 pages Natural Disasters Natural Disasters caused many people to have problems over the years and killed many people. There have been a tremendous amount of different disasters that destroy multiple things. We need to have more people that are willing to help, not just the people made, when a disaster strikes. We also need everyone to come together as “one” so we can make it through the problems. As a society, we need to make sure that we have...

Impacts of Natural Disasters on Public Health and the Environment

1735 words - 7 pages Impacts of Natural Disasters on Public Health and the Envrionment Deborah Lomas Environmental Science IPFW March 31, 2014 Introduction The occurrences of natural disasters have been increasing over the years (Laframboise, M. N., & Loko, M. B., 2012). The impacts of natural disasters can vary widely with the type and severity of the disaster as well as with the preparedness of the affected populations. According to Laframboise, M....

Child Vulnerability and Mental Health Outcomes after Natural Disasters

1271 words - 5 pages Background Major natural disasters such as hurricanes, earthquakes and floods often precipitate sudden emergencies, which have significant impact on all domains of life for affected populations. Children are a particularly vulnerable group to the effects of natural disasters, with unique physical, developmental, and psychosocial characteristics that place them at high risk for adverse outcomes (Murray, 2011). Some of the consequences for...

The Natural Disasters in Australia and Their Effects

743 words - 3 pages The Natural Disasters in Australia and Their Effects Earthquakes are caused by the shifting of the Indian-Australian plate, which is being pushed north and is colliding with the Eurasian, Philippine and Pacific plates. The stress from this collision is released during earthquakes. Earthquakes can occur anywhere in Australia. Adelaide has the highest earthquake hazard of any capital city, with more earthquakes in the past...

Truman Capote and The Man Who Made Him Famous

3521 words - 14 pages I decided I was going to tackle Truman Capote's true narrative of a quadruple homicide for my American author independent reading book. In 1959, four members of the Clutter family (Herbert, the father; Bonnie, the mother; Nancy, the popular teenage daughter; and Kenyon, the reserved and quiet son) were tied up in separate rooms of their home and shot in the head; besides herb, whose throat was cut. All of this took place in the quaint town of...

The Effects Which a Natural Disaster can have on a Country

1223 words - 5 pages A natural disaster is an event caused by natural destructive factors, which can be further divided into either climatic disasters such as floods and tornados, or geological disasters such as earthquakes, which consequently lead to great physical damage or life loss (Bankoff, 2004, 56). When defining ‘natural’ literally, it may seem that natural disasters are independent from human activities, however, with the process of civilization, man-made...

Mitigating Disasters in Developing Countries

2299 words - 9 pages The focus of this essay however will be on developing countries and the alternatives available to mitigate natural and man-made disasters that are available to policymakers. Developing countries are in general countries which have not achieved a significant degree of industrialization relative to their populations, and which have, in most cases a medium to low standard of living. There is a strong correlation between low income and high...

Natural Disasters Are Not Purely Natural

930 words - 4 pages Introduction The increased media coverage of the impacts of disaster events has caused a renewed interest in natural disasters (Hamilton and Press, 2009). This paper endeavors to show that what masses perceive as natural disasters are because of an array of factors. The focus is on human activities that create a fovourable environment for drought to become a natural disaster in arid areas (Giorgis, 2005). Socio-economic and environmental exposure...

Reformulating the Hazards Mitigation Paradigm

2211 words - 9 pages Scholarly assessments of our nation’s capability to effectively respond to hazards suggest a paradigm shift is needed regarding the future direction of research, policy and tactics for preparing and responding to natural and human-made hazards. This paper will provide a historical overview of our nation’s emergency preparedness and response posture, examine the need to reformulate the existing hazards paradigm into a broader resiliency framework,...

Natural Disasters

2436 words - 10 pages There are no "natural disasters"- only inadequately planned human settlements. (J&K floods related column)Teacher is discussing the topic of eruption of Mt.Vesuvius and how a volcanic eruption completely destroyed the Pompeii in early Christian era and the class is looking thrilled. The topic proceeds and often the mention is made of Mt....

...Essay on “MAN-MADE CALAMITIES V/S NATURAL CALAMITIES” People of the world have always faced both types of disasters, natural as well as man-made. Man-made disasters were not prevalent in ancient times. Man-made disasters are the results of industrial and material progress. Natural and man-made disasters equally play havoc on human in modern times. Sometimes, a man-made disaster has bigger impact than natural disaster. The cause of natural disaster is natural with man-made disaster is caused by man himself. Man-made disasters include leakage of oil in the sea, nuclear explosion, leakage of poisonous gases and chemical, fire, floods created by dams etc. Man-made disasters are avoidable. They may be averted if man works efficiently and carefully. On the other hand we have no control over a natural disaster. They include earthquake, tsunami, flood, typhoon, hurricane, tempest, avalanches, land slide etc. Man cannot avert them. However, it should be noted that some natural disaster are indirectly the result of man’s activities. For example draught may be the cause of cutting of forests. Thus, the number of man-made disasters is greater than natural...

0 Thoughts to “Man Made Hazards Essay Writing

Leave a comment

L'indirizzo email non verrà pubblicato. I campi obbligatori sono contrassegnati *