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GEM and NormanMax Partner to Reduce Earthquake Risk

By:

Jul 9, 2024

Jun 28, 2024

The Global Earthquake Model (GEM) Foundation and NormanMax Insurance Solutions - a global leader in parametric insurance solutions have signed a sponsor agreement to help improve earthquake preparedness, recovery, and risk reduction worldwide. This collaborative effort, spanning from 2024 to 2027, underscores the shared commitment of both organisations to minimising earthquake losses and improving seismic risk assessments around the world.


"At GEM, we strive to create open, transparent, and scientifically robust earthquake hazard and risk models. By partnering with NormanMax Insurance Solutions, a leading provider of parametric earthquake insurance solutions, we aim to bridge the gap between cutting-edge science and practical financial protection against the damaging effects of earthquakes around the world”, said Helen Crowley, GEM Secretary General.

The agreement acknowledges the importance of a wide range of solutions for mitigating seismic risk, including improved building codes, emergency response plans, land-use planning and financial risk transfer. By supporting GEM's development of open-source software and global hazard and risk models, NormanMax will be contributing to achieving these goals.


"NormanMax is deeply committed to supporting innovative solutions that reduce earthquake risk," stated Bradley Meier, CEO of NormanMax Insurance Solutions. "We are proud to partner with the GEM Foundation in their mission to enhance public understanding of seismic hazard and risk and empower communities and businesses with the tools they need to be prepared in the face of potential earthquakes. This aligns with our goal of helping global insureds reduce the protection gap through effective risk transfer products for earthquakes."

The GEM and NormanMax partnership highlights the importance of collaboration between scientific and financial sectors in addressing global earthquake risk. Together, our organisations will help advance the development and application of pioneering risk assessment tools and resources, contributing to safer, more resilient communities worldwide. 


By combining GEM's expertise in seismic modeling with NormanMax's parametric insurance solutions, this alliance promises to set new standards in earthquake preparedness and recovery, ensuring a brighter and more secure future for all.


About NormanMax Insurance Solutions

NormanMax Insurance Solutions, located in Miami, Florida, is the coverholder for Lloyd’s of London NormanMax Syndicate 3939 utilizing revolutionary insurance technology to provide the best insurance solutions to our clients and provide an unparalleled customer service experience. With unrivaled parametric insurance solutions for hurricanes and earthquakes – and many more parametric solutions on the horizon – NormanMax Insurance Solutions provides clients with peace of mind for challenging natural catastrophes in an ever-hardening insurance marketplace.


For more information, vitis: https://www.normanmaxinsurancesolutions.com/

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