Eigenrisk® adds GEM earthquake modeling resources to its global catastrophe risk management platform

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ANN ARBOR, MI, January 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 most deadly and devastating natural catastrophes in all parts of the world,” said Deepak Badoni, president, EigenRisk. “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.”

 

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 behavior 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.

 

Press release link: https://www.eigenrisk.com/eigenrisk-partners-with-gem/.

 

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.

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