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In a webinar held on May 17 sponsored by EigenRisk, a core of seismic risk experts and industry leaders gathered to discuss the pressing global issue of earthquake risk and explore opportunities for managing this devastating natural hazard. The webinar shed light on the lack of knowledge, inadequate building regulations, and significant gaps in risk protection that contribute to the high casualties caused by earthquakes worldwide.

Andres Abarca, representing the GEM Foundation, was a guest speaker. Andres shared valuable insights gained from the recent earthquake in Turkey, offering a comprehensive evaluation of different risk components and emphasizing potential improvements in industry standards and future possibilities.

The webinar focused on the potential offered by current earthquake risk models in disaster management. This includes strategies for prevention, risk transfer, and early response to earthquakes. Participants mentioned the importance of utilizing accurate maps for risk assessment and stressed the need for improved simplified metrics that consider building vulnerability factors.

During the webinar, Andres emphasized the significance of hazard curves and vulnerability components in evaluating potential damage across different return periods. The availability of a worldwide vulnerability model by the GEM Foundation was mentioned; however, the lack of accurate information from individuals regarding their buildings was identified as a challenge.

The event also explored potential future developments, including the partnership between Eigenrisk and GEM. Eigenrisk is keen to explore the interest of its clients in more in-depth use of GEM’s models and datasets. In this way, Eigenrisk can help to advance seismic risk management and promote innovative solutions in the field.