The Willis Research Network (WRN), the division of Willis Re that supports leading academic investigation into extreme events and their potential impacts on insurers and industry, is brining together some of the world’s leading volcanologists, catastrophe modellers and risk practitioners to consider the longer-term environmental and economic effects of volcanic eruptions. One aim of the initiative is to understand how an insurance risk model for volcanoes could help insurers, governments and industry better prepare for future eruptions.

The initiative follows a panel discussion led by WRN at last month’s annual General Assembly of the European Geosciences Union (EGU), Europe’s largest gathering of earth, space and climate scientists, about the lessons learned from Iceland’s Eyjafjallajökull eruption.

 WRN’s resident volcanologist, Dr Rashmin Gunasekera, said there is a strong business imperative for the scientific community to better understand the risks linked to volcanic eruptions. The ash clouds that emerged from April’s Eyjafjallajökull eruption continue to shroud British airspace and disrupt commerce, and business and holiday travel. The ash also continues to pose risks to people’s health, property, agriculture and marine life.
 
“Since volcano eruptions are episodic, they can occur on and off anywhere from a few hours, days, or longer,” said Dr Gunasekera. “Just how long business will continue to be interrupted depends on a number of factors, such as the type of volcano, volatility, and the size of the magma chamber.”
 
A recent study of Europe’s 10 most dangerous volcanoes, authored by Dr Gunasekera, WRN member Prof Robin Spence, and Prof Giulio Zuccaro of the University of Naples Federico II, found that, combined, the eruptions could affect some two million people with an aggregated exposed residential property value of US $85 billion.

For more information, contact tricia.hollydavis@willis.com