Leveraging GEM vulnerability database in loss modelling: a comprehensive approach towards risk quantification.
On September 23rd Willis Towers Watson - Willis Research Network organized a webinar on Earthquake science for (re)insurance decision-makers: Bridging the Gap Between Academia and Industry where close to 200 attendees participated. The webinar featured GEM’s Marco Pagani and Vitor Silva to discuss how the industry can leverage the latest research outputs from GEM.
Marco Pagani, GEM Hazard Team Coordinator discussed leveraging the GEM model for probabilistic loss estimation and presented the GEM Global Earthquake Model 2020 updates and future program. Vitor Silva, GEM Risk Team Coordinator presented the GEM exposure and vulnerability updates with focus on a region where GEM has utilized high resolution data for model development, and on non-residential areas to highlight relevance to the insurance industry.
Marco and Vitor were joined by Myrto Papaspiliou, Massimiliano Arizzi and Crescenzo Petrone - Willis Re’s earthquake experts who further discussed scientific developments in seismic hazard and risk analysis, and their translation into (re)insurance business applications.
After presenting and discussing how to use GEM exposure and vulnerability databases to enhance loss assessment and leverage GEM model for probabilistic loss estimation, the panelists arrived at two conclusions:
- analytics and the input from academia will play a significant role in managing risk under current market conditions; and
- leveraging GEM outputs in business decision-making can significantly improve capital management and control earnings volatility.
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