World-leading reinsurance broker, Guy Carpenter collaborates with GEM on earthquake risk modelling
World-leading reinsurance broker, Guy Carpenter is working together with GEM as Advisor Sponsor. The collaboration is expected to facilitate the update of Guy Carpenter’s seismic hazard and risk models using GEM’s OpenQuake engine with its built-in toolkits, earthquake catalogues, and ground motion prediction equations (GMPEs) as well as global databases for active faults, exposure and vulnerability.
“GEM is happy to support Guy Carpenter by sharing our latest seismic data, models and tools for better understanding of earthquake risk by insurance companies. Risk-informed decisions will ultimately benefit the policy holders, and the public at large,” John Schneider, Secretary General underscoring the importance of GEM’s products for insurance purposes.
The collaboration will be headed by Guy Carpenter’s GC Analytics Business Unit, which is responsible for supporting risk underwriting, reinsurance purchasing, catastrophe modelling and benchmarking among others.
“GC Analytics provides its clients with competitive advantage through quantitative skills and sophisticated modelling insights,” explains Matthew Eagle, Head of Global Model Solutions and Advisory within GC Analytics at Guy Carpenter. “The collaboration with GEM will not only enable the enhancement of our earthquake risk analysis by having access to specific technical and scientific expertise, but will also contribute to a better understanding of earthquake risk for the benefit of society at large.”
A working group has already been established to coordinate communication and technical support between GEM’s scientific/technical units and the GC Analytics modelling team.
About Guy Carpenter
Guy Carpenter & Company, LLC is a leading global risk and reinsurance specialist with more than 3,100 professionals in over 60 offices around the world. Guy Carpenter delivers a powerful combination of broking expertise, trusted strategic advisory services and industry-leading analytics to help clients adapt to emerging opportunities and achieve profitable growth. Guy Carpenter is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people. The company’s 76,000 colleagues advise clients in over 130 countries. With annualized revenue approaching $17 billion, Marsh & McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading companies including Marsh, Mercer and Oliver Wyman.
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