Many of these papers contain information that is of direct relevance and considerable importance to the insurance market, but which can take several years to filter down from academia to the business world. The Hazard and Risk Science Review is designed to accelerate this process by drawing attention to new and pertinent research results. We present a summary of key publications from 2004-2005 with the aim of introducing the reader to current themes in a number of research domains. The summary text is intended to provide an introduction to the original work and its authors, by setting the science in a broader context and showing, where appropriate, its potential relevance to our business. Inevitably the new research addressed in the 2005 issue is only a tiny sample of the enormous amount of relevant material published over the last 12 months, and we do not claim that it is entirely representative of published research over the period. It does, however, highlight studies recommended by Benfield UCL Hazard Research Centre (BUHRC) researchers and consultants that are considered to be particularly relevant to the interests of those involved in catastrophe insurance and reinsurance. The success of the first edition of the review, launched last September in Monte Carlo, is reflected in the 4,500 copies distributed throughout the market. We confidently expect the 2005 Hazard and Risk Science Review to achieve an even wider circulation and further augment its function as an invaluable resource to the market, through providing a conduit from the arena of academic research to the business world. The Hazard and Risk Science Review is published annually in September, and incorporates research published during the twelve months to the preceding June.

This year’s review continues to adopt the straightforward structure developed in the launch issue in 2004, centring on atmospheric, geological and hydrological hazards. Following the Asian tsunami, a natural catastrophe unparalleled in modern times in relation to the scale of death, destruction and disruption, and exceptional geographical and demographic reach, there is a stronger focus on the tsunami phenomenon and mechanisms for their formation. The enormous and growing research endeavour devoted to climate change, associated hazards and potential ramifications for the market continues to be reflected in the provision of a separate section devoted to this critical field. A comprehensive bibliography of sources and further reading is provided for the reader who wishes to pursue follow-up investigations.

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