  This paper considers an insurance surplus process modeled by a spectrally
negative L\'{e}vy process. Instead of the time of ruin in the traditional
setting, we apply the time of drawdown as the risk indicator in this paper. We
study the joint distribution of the time of drawdown, the running maximum at
drawdown, the last minimum before drawdown, the surplus before drawdown and the
surplus at drawdown (may not be deficit in this case), which generalizes the
known results on the classical expected discounted penalty function in Gerber
and Shiu (1998). The results have semi-explicit expressions in terms of the
$q$-scale functions and the L\'{e}vy measure associated with the L\'{e}vy
process. As applications, the obtained result is applied to recover results in
the literature and to obtain new results for the Gerber-Shiu function at ruin
for risk processes embedded with a loss-carry-forward taxation system or a
barrier dividend strategy. Moreover, numerical examples are provided to
illustrate the results.
