Foreword
Benfield and PartnerRe are proud to present the Hazard & Risk Science Review 2007. This is the fourth edition of this unique publication and the fourth year of our co-sponsorship of this project.

After the record hurricane losses in the United States in 2005, last year was widely regarded as a relatively quiet year in terms of natural catastrophe losses with no particularly extreme or unusual events. However natural disasters still cost property insurers almost US$12billion in losses in 2006, and the impact of the losses from Windstorm Kyrill and the UK floods earlier this year on rates still remains to be seen.

With extreme events predicted to become ever more frequent – particularly with the growing impact of climate change – we believe there remains a critical need for the industry to have access to the latest hazard and risk science research. Armed with such research, our industry will better understand the processes and mechanisms that underpin natural hazards and be better prepared to help develop appropriate insurance and reinsurance solutions.

The Review’s author, Professor Bill McGuire of the Benfield UCL Hazard Research Centre, has once again worked with natural catastrophe specialists and modellers at Benfield and PartnerRe to identify those hazard and risk science papers published in the last 12 months that are most relevant to the re/insurance market. Focusing on four main areas of hazard: atmospheric, geological, hydrological and climate change, the selected papers are summarised in this fourth edition.

Both of our organisations have a long-standing commitment to natural catastrophe research and believe the importance of providing the industry with the most up-to-date information in this area.

We hope you continue to find the Review to be a useful reference point for emerging risk science research.