Before revision: A meticulous assessment of the risk of extreme environmental events is of great necessity for populations, civil authorities as well as the insurance /reinsurance industry. Koch (2017, 2018) introduced a concept of spatial risk measure and a related set of axioms which are well-suited to analyse and quantify the risk due to events having a spatial extent, precisely such as natural disasters.
After revision: A meticulous assessment of the risk of extreme environmental events is of great necessity for populations, civil authorities as well as the insurance industry. Using the concept of spatial risk measure and a related set of axioms which are well-suited to analyse and quantify the risk due to events having a spatial extent, precisely such as natural disasters.