World leading reinsurer PartnerRe has renewed its partnership with GEM as Advisor Sponsor for the next three years (2021-2023). The renewal came on the heels of a successful collaboration from 2018-2020 that mutually enhanced the capabilities of both organizations to assess and manage risk through open, transparent and collaborative seismic risk assessment at global, regional and national scales.
“GEM has really appreciated the strong participation of PartnerRe since 2018 and is looking forward to further strengthening this relationship over the next three years through the development of open models useful for the insurance industry. PartnerRe has been very active in working with GEM’s technical teams and in promoting collaboration as a vital input to the development of GEM’s software and models,” John Schneider, GEM Secretary General.
With this renewed collaboration, GEM’s OpenQuake engine and its associated toolkits will continue to be at the forefront of Partner Re’s evaluation of earthquake risk for its insurance clients worldwide. Like GEM, PartnerRe values open, transparent tools and models, which are important in better understanding of the assumptions and sources of uncertainty that are essential in the evaluation and quantification of risks.
Paul Della-Marta, Head of Catastrophe Research at PartnerRe said, “PartnerRe remains committed to helping insurers create risk transfer solutions that provide financial protection from the devastating effects of earthquakes. Our partnership with GEM from 2018-2020 has resulted in better understanding of earthquake hazard and risk in South and Central America, helping our clients create more relevant and impactful reinsurance solutions that enable earthquake-hit areas to recover more quickly. This new partnership with GEM will continue to strengthen our ability to fulfill that role. We are proud to support GEM in their goal of worldwide earthquake resilience”.