EigenRisk Adds GEM Earthquake Modeling Resources to its Global Catastrophe Risk Management Platform
ANN ARBOR, MI, February 09, 2022 – EigenRisk® today announced a new agreement with Global Earthquake Model (GEM) Foundation, an international public-private partnership committed to the development of open-source hazard and risk assessment software, tools and data, to make GEM’s global earthquake exposure modeling resources available through the EigenPrism® catastrophe risk management platform.
Earthquakes continue to be among the deadliest and devastating natural catastrophes in all parts of the world. Our relationship with the GEM Foundation enables our clients around the globe to integrate earthquake-related risk analytics into their key business processes and be more proactive in all aspects of catastrophe planning, monitoring and response.
-Deepak Badoni, President | EigenRisk
GEM’s Global Seismic Hazard Map (version 2019.1) will be its first dataset added to EigenRisk’s extensive library of hazard models from public and private sources. Users can easily select and compare risk results from multiple sources on the platform.
“We’re pleased to offer our global earthquake modeling capabilities to the risk management and insurance community through EigenRisk’s platform,” said John Schneider, GEM Secretary General. “The expanded availability of our resources aligns with our objectives to widen the global understanding of earthquake risk, enhance related protection and safety measures, and facilitate the development of insurance products that address the economic consequences of seismic events.”
Beyond the global assessment capabilities currently available on the EigenRisk platform, GEM’s array of earthquake hazard, exposure, and vulnerability models as well as OpenQuake software tools can be used to simulate the seismic behaviour of buildings, lifelines, and critical facilities. In particular, it allows for the assessment of the probability of earthquakes occurring, and the consequent physical damage and economic loss, essential information for implementing a wide range of risk reduction and transfer mechanisms, including parametric insurance.
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About GEM Foundation
GEM was formed in 2009 as a non-profit foundation in Pavia, Italy, funded through a public-private sponsorship with the vision to create a world that is resilient to earthquakes. GEM is funded by public and private institutions globally and is advised by many international organizations (https://www.globalquakemodel.org/partners).
GEM is also recognized by the UN as an NGO, operating under UN guidelines for a humanitarian organization. GEM’s mission is to become one of the world’s most complete sources of risk resources and a globally accepted standard for earthquake risk assessment. Further, GEM aims to ensure that its products are applied broadly in disaster risk management/reduction and its services are available and accessible to public, private and academic institutions worldwide.
About EigenRisk®
EigenRisk, Inc., an independent insurance technology firm, helps (re)insurers, brokers and risk managers across the globe manage catastrophe risk, and drive higher growth, customer engagement and operational efficiency. The firm’s cloud-based platform provides one-stop access to powerful data management, geo-visualization, analytics, reporting, modeling, alerts and APIs. These capabilities are integrated with hazard data, event projections and simulations curated from more than 20 leading public and private sources to provide a more dynamic and complete perspective of risk. Visit www.eigenrisk.com.
