An overview of quantitative risk measures for loss of life and economic damage

A comprehensive overview of methods to quantify and limit risks arising from different sources is still missing in literature. Therefore, a study of risk literature was carried out by the authors. This article summarises about 25 quantitative risk measures. A risk measure is defined as a mathematical function of the probability of an event and the consequences of that event. The article focuses mainly on risk measures for loss of life (individual and societal risk) and economic risk, concentrating on risk measurement experiences in The Netherlands. Other types of consequences and some international practices are also considered. For every risk measure the most important characteristics are given: the mathematical formulation, the field of application and the standard set in this field. Some of the measures have been used in a case study to calculate the flood risks for an area in The Netherlands.