Earthquake risk and insurance in the banking system

Authors

  • Marijana Maslak Scientific-Professional Society for Disaster Risk Management, Belgrade, Serbia Author
  • Dejana Jovanović Popović Faculty of Security Studies, University of Belgrade, Gospodara Vučića 50, Belgrade, Serbia Author

DOI:

https://doi.org/10.5281/zenodo.20505420

Keywords:

banking sector, earthquakes, critical infrastructure, risk management, insurance

Abstract

Although sophisticated instruments for measuring the magnitude of earthquakes and their effects exist today, there are still no devices capable of accurately predicting the place and time of an earthquake. It is well known that, among all natural disasters, earthquakes tend to be the most destructive, deadliest, and cause the greatest material damage. Modern society depends on numerous infrastructures without which everyday functioning would be impossible. Developed countries have defined their critical infrastructure sectors, among which the banking sector is included. There is no doubt that the functioning of society is impossible without the continuity of banking operations in the event of an earthquake. Issues related to risk and insurance, as well as the analysis of the vulnerability of the banking sector of the Republic of Serbia in the event of an earthquake, are examined in this paper.

Downloads

Download data is not yet available.

References

1. Arabadži, M. S., & Miljeničuk, V. (1998). Tajne Zemljinih dubina [Secrets of the Earth’s depths]. Beograd, Serbia: Klub „NT“.

2. Belanić, L., & Baretić, B. (2021). Osigurani rizici u osiguranju prekida poslovanja [Insured risks in business interruption insurance]. In D. Vujišić (Ed.), Usluge i vladavina prava [Services and the rule of law] (pp. 281–298). Kragujevac, Serbia: Pravni fakultet Univerziteta u Kragujevcu. doi:10.46793/UVP21.281B

3. Ćerčan, B., Ristanović, B., & Miljković, Đ. (2009). Pojava zemljotresa i njihov uticaj na preobražaj geografskog prostora [Occurrence of earthquakes and their impact on the transformation of geographical space]. In N. Mimica-Dukić & J. Romelić (Eds.), Zbornik radova Departmana za geografiju, turizam i hotelijerstvo [Proceedings of the Department of Geography, Tourism and Hotel Management] (pp. 35–57). Novi Sad, Serbia: Prirodno-matematički fakultet.

4. Cybersecurity and Infrastructure Security Agency, & U.S. Department of State. (2019). A guide to critical infrastructure security and resilience. Washington, DC: Author. Retrieved from https://www.cisa.gov/sites/default/files/publications/Guide-Critical-Infrastructure-Security-Resilience-110819-508v2.pdf

5. Cvetković, V. (2014). Zaštita kritične infrastrukture od posledica prirodnih katastrofa [Protection of critical infrastructure from the consequences of natural disasters]. In Dani kriznog upravljanja: Međunarodna naučna konferencija [Crisis Management Days: International scientific conference] (pp. 1281–1295). Velika Gorica, Croatia.

6. Cvetković, V., Milojković, B., & Stojković, D. (2014). Analiza geoprostorne i vremenske distribucije zemljotresa kao prirodnih katastrofa [Analysis of the geospatial and temporal distribution of earthquakes as natural disasters]. Vojno delo, 66(2), 166–185. doi:10.5937/vojdelo1402166C

7. Doganjić, J. V., & Paunović, M. V. (2021). Upravljanje rizicima od prirodnih katastrofa [Natural catastrophe risk management]. Tokovi osiguranja, 37(3), 37–70.

8. Đorđević, M. (2018). Zemljotresi u 21. veku [Earthquakes in the 21st century]. Vojno delo, 70(2), 253–259. doi:10.5937/vojdelo1802253D

9. Elliott, J. R. (2020). Earth observation for the assessment of earthquake hazard, risk and disaster management. Surveys in Geophysics, 41, 1323–1354. doi:10.1007/s10712-020-09606-4

10. Golubović, S. (2016). Kontrolna funkcija Narodne banke Srbije [The control function of the National Bank of Serbia]. Zbornik radova Pravnog fakulteta u Nišu, 55(74), 175–187.

11. Holzer, T. L. (1995). The 1995 Hanshin-Awaji (Kobe), Japan, earthquake. GSA Today, 5(8), 153–156, 165, 167.

12. Jovanović, Z. M. (2018). Upravljanje bankarskim rizikom [Risk management in banking]. Zbornik radova Pravnog fakulteta u Nišu, 57(81), 139–150.

13. Keković, Z., i sar. (2011). Procena rizika u zaštiti lica, imovine i poslovanja [Risk assessment in the protection of persons, property, and business operations]. Beograd, Serbia: Centar za analizu rizika i upravljanje krizama.

14. Manić, N., Lukić, D., & Prokić, A. (2013). Seizmička pouzdanost infrastrukturnih objekata [Seismic reliability of infrastructure facilities]. Zbornik radova Građevinskog fakulteta, 22, 43–54. doi:10.14415/zbornikGFS22.004

15. Marković, J. Đ. (1956). Katastrofe u prirodi [Catastrophes in nature]. Beograd, Serbia: Narodna knjiga.

16. Matić, V. (2007). Bankarski rizik [Banking risk]. Bankarstvo, 37(3), 70–72.

17. Milojević, D. (2003). Leksikon bankarstva sa stručnom terminologijom na nemačkom i engleskom jeziku [Lexicon of banking with professional terminology in German and English]. Beograd, Serbia: Prometej.

18. Milosavljević, B., & Vučinić, D. (2021). Odnos prema kritičnoj infrastrukturi u Republici Srbiji [The attitude towards critical infrastructure in the Republic of Serbia]. Vojno delo, 73(4), 42–56. doi:10.5937/vojdelo2104042M

19. Miyakawa, D. (2014, August 15). How natural disasters affect banking. World Economic Forum. Retrieved from https://www.weforum.org/stories/2014/08/natural-disasters-firm-activity-damage-banks/

20. Radovanović, S. (2018). Seizmička aktivnost i seizmički hazard na prostoru Srbije [Seismic activity and seismic hazard in the territory of Serbia]. Elektronski glasnik Srpskog udruženja za zemljotresno inženjerstvo, 1(1), 4–7.

21. Rose, P. S., & Hudgins, S. C. (2005). Bankarski menadžment i finansijske usluge [Bank management and financial services] (A. Protić i sar., Trans.). Beograd, Serbia: Data Status.

22. Savić, A. (2019). Proaktivne mere zaštite od zemljotresa [Proactive earthquake protection measures]. Zbornik radova Fakulteta tehničkih nauka u Novom Sadu, 34(8), 1470–1473. doi:10.24867/03NO01Savic

23. Škero, M., & Ateljević, V. (2015). Zaštita kritične infrastrukture i osnovni elementi usklađivanja sa Direktivom Saveta Evrope 2008/114/ES [Protection of critical infrastructures and basic elements of alignment with Council Directive 2008/114/EC]. Vojno delo, 67(3), 192–207. doi:10.5937/vojdelo1503192S

24. Sredojević, S., i sar. (2018). Osnove finansijske pismenosti: Priručnik [Fundamentals of financial literacy: Manual]. Beograd, Serbia: Ministarstvo prosvete, nauke i tehnološkog razvoja.

25. Stojanović, D., Krstić, M., & Janjić-Baduli, Lj. (2016). Upravljanje rizikom i osiguranje [Risk management and insurance]. Leskovac, Serbia: Visoka poslovna škola strukovnih studija.

26. Tadić, A. (2018). Rizik likvidnosti [Liquidity risk]. Oditor, 4(1), 139–152.

27. Taylor, P. (2008). Catastrophes and insurance. In N. Bostrom & M. M. Ćirković (Eds.), Global catastrophic risks (pp. 164–183). Oxford, England: Oxford University Press.

28. Xing, L. (2018). The earthquake protection gap facing China’s commercial banks: On shaky grounds. Zurich, Switzerland: Swiss Re Institute.

29. Zhang, Y., Fung, J. F., Johnson, K. J., & Sattar, S. (2022). Review of seismic risk mitigation policies in earthquake-prone countries: Lessons for earthquake resilience in the United States. Journal of Earthquake Engineering, 26(12), 6208–6235. doi:10.1080/13632469.2021.1911889

Downloads

Published

22-02-2026

Issue

Vol. 1 No. 1 (2026): Fourth Memorial Scientific and Professional Conference - Modern Integrated Disaster Risk Management

Section

Articles

License

Copyright (c) 2026 Marijana Maslak, Dejana Jovanović Popović (Author)

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

By submitting a manuscript to the Scientific and Professional Conference ‘‘Predrag Marić‘‘, Faculty of Security Studies, University of Belgrade, authors acknowledge and agree to the following copyright terms and conditions:

  1. Author Rights and Ownership

  2. Licensing and Open Access Policy

    • The journal publishes under the [insert applicable license, e.g., Creative Commons Attribution License (CC BY)], which allows others to share and adapt the work with appropriate attribution.
    • Authors are responsible for ensuring that their submission complies with the journal's licensing terms and does not violate any third-party rights.

  3. Originality and Permissions

    • The submitted work must be original and not previously published or under consideration elsewhere.
    • If the manuscript includes copyrighted materials (e.g., figures, tables, excerpts), authors must obtain the necessary permissions for reproduction and provide appropriate attribution.

  4. Author Warranties

    • By submitting, authors confirm that their work does not infringe on any intellectual property rights, is free from plagiarism, and adheres to ethical publishing standards.
    • The journal is not responsible for any legal disputes arising from copyright infringement, misrepresentation, or unauthorized use of third-party materials.

  5. Editorial and Publication Rights

By proceeding with submission, authors confirm that they have read and agreed to the terms outlined in this Copyright Notice.

How to Cite

Maslak, M., & Jovanović Popović, D. (2026). Earthquake risk and insurance in the banking system. Scientific and Professional Conference ‘‘Predrag Marić‘‘, Faculty of Security Studies, University of Belgrade, 1(1), 305-320. https://doi.org/10.5281/zenodo.20505420

Similar Articles

1-10 of 20

You may also start an advanced similarity search for this article.