Global Parametrics joins GEM to develop open earthquake models for use in catastrophe modelling
GEM welcomes Global Parametrics (GP) as Advisor Sponsor. GP is an innovative insurance solutions provider and risk manager with a focus on developing countries and underserved sectors.
Launched in July of 2016 with support from Germany’s KfW via the InsuResilience Investment Fund, and the UK's Department for International Development, Global Parametrics aims to redefine the market for disaster preparedness and response through alternative risk transfer, emerging market finance, climate and seismic modelling, asset management, startups and public-private partnerships.
“GEM is happy to collaborate with Global Parametrics because of our shared interest and commitment to use open data and transparent earthquake risk analysis tools such as GEM’s OpenQuake engine, to develop financial and insurance products to help small and micro financial institutions in times of disasters,'' John Schneider, GEM Secretary General.
Global Parametrics CEO, Hector Ibarra was one of the guest speakers during the launch of GEM’s Global Earthquake Hazard and Risk maps in December 2018 in Pavia, Italy. He presented an overview of Global Parametrics’ vision and current work program.
“We are proud to be part of the GEM family. We believe that our collaboration to develop open models and to promote transparency in risk assessment can broaden our reach and help address the insurance protection gap in developing countries as well as provide more security to institutions, risk aggregators and SMEs (small and medium enterprises) that provide services to poor and vulnerable populations in emerging markets,” Hector Ibarra, CEO Global Parametrics.
About Global Parametrics
GP is an innovative public-private approach that secures early access to capital and timely financing when disaster strikes. It designs and deploys structured financial solutions for institutional clients in emerging markets. The provision of these services contributes to a virtuous circle of more resilient businesses, communities and economies.
Global Parametrics is supported by leading players in the public and private sectors. The first seed investments were provided by KfW’s InsuResilience Investment Fund and the UK’s Department for International Development.