CelsiusPro, a pioneering parametric insurance solutions provider in climate and NatCat risk protection, has established a partnership with the Global Earthquake Model (GEM) Foundation, an international public-private organisation that is improving the state of practice of earthquake hazard and risk assessment through the development of open global databases and models, the OpenQuake software, and stakeholder capacity for risk assessment globally.
The partnership aims to help communities worldwide mitigate the economic impacts of earthquakes by leveraging the state-of-the-art technology behind CelsiusPro’s end-to-end system for digital parametric insurance solutions, and GEM’s advanced earthquake models and data and commitment to an open, transparent, and collaborative approach at the global, regional, national and local levels.
“Our organizations are bound by a shared vision for a safe and disaster-resilient world. For GEM, this partnership provides an excellent opportunity to apply GEM’s models and data for new risk financing opportunities that will contribute to risk reduction objectives. At the same time, we also see this as an opportunity for sharing and exchanging scientific knowledge in processing and analysing risk data and modelling approaches with CelsiusPro in the years ahead,” John Schneider, GEM Secretary General.
“Our partnership with GEM will further enhance our risk modeling capabilities for earthquakes allowing us to better serve our clients with risk analysis and product solutions. Providing a fast and efficient payout to bridge the first weeks following natural disasters such as earthquakes, is critical for the survival and future economic prosperity of companies in the affected areas,” says Mark Rueegg, CEO of CelsiusPro.
CelsiusPro, the Swiss boutique InsurTech company, has been pioneering parametric insurance solutions since 2008, helping its clients mitigate the effects of extreme weather and natural catastrophes worldwide.
CelsiusPro provides customized and comprehensive White Label Platform (WLP) solutions to insurers to offer parametric hurricane, earthquake, and agriculture insurance products to its clients. The WLP solutions are turn-key technology solutions for end-to-end management of insurance policies including but not limited to risk modeling, pricing, offer and policy generation, risk monitoring and payout calculation.
For information about further products and services, please visit www.celsiuspro.com.
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.
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