Determination of Seismic Risk
The determination of seismic risk is the foundation for risk mitigation decision-making, a key step in risk management. Large corporations and other enterprises (e.g., local governments) analyze their 'portfolio' of properties, to determine how to best allocate limited funds for structural strengthening of buildings, or other risk reduction measures such as emergency planning. In calculating the risk of each facility in the 'portfolio', potential life safety and economic losses due not only to structural damage, but also to equipment, contents and business interruption are considered. Public agencies (local, state governments and federal agencies) similarly analyze their portfolios. The interconnections of infrastructures such as water, road and highway, and electric power systems are also considered. Insurance companies routinely employ estimates of seismic risk in their operations, to determine appropriate insurance rates, to monitor over-accumulation of policies in a small area, and to purchase reinsurance. A simplified method of calculating seismic risk for a given city, involves the use of a street survey. If you know the level of seismic hazard, the damage generally follows established patterns.
Seismic risk is often determined using a seismic modeling computer programs which uses the seismic hazard inputs and combines them with the known susceptibilities of structures and facilities, such as buildings, bridges, electrical power switching stations, etc. The result gives probabilities for economic damage or casualties, for example the HAZUS computer program . While the results can be used as a general measure of seismic risk for types of buildings, the actual seismic risk for any individual building may vary considerably and will depend upon its exact configuration and condition. Acquiring and analyzing the specific data for an individual building or facility is one of the most expensive and daunting aspects of seismic risk estimation. Progress is made if one can calculate the 'fragility' or seismic capacity of the components within a structure.
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