December 19, 2023. Pavia, Italy. Zurich Insurance Group has instated its affiliation with the Global Earthquake Model (GEM) Foundation, assuming its role as a private Governor sponsor. Zurich was one of the founding members of GEM at its inception in 2009 and served as a private Governor sponsor until the end of 2018. Following a formal approval during GEM's Governing Board meeting held from November 30th to December 1st, 2023, Iwan Stalder, Head of Accumulation Management, Group Risk Management at Zurich, will be representing the company in this partnership.
The core objective of this alliance emphasises a commitment to improving global modelling and understanding of seismic hazard and risk, enhancing risk awareness, and fortifying communities against the repercussions of seismic activities. Zurich's decision to join GEM underscores a shared dedication to global disaster risk resilience.
Iwan Stalder, commenting on Zurich's entry, stated, "We are excited to work with GEM, aligning our commitment to global resilience and the pursuit of risk mitigation strategies."
Welcoming Zurich to the GEM family, Helen Crowley, GEM Secretary General, expressed, "We extend a warm welcome to Zurich Insurance Group. We look forward to their continued contributions that reinforce an improved understanding of global seismic risk, and that strengthen our shared goal of creating a more resilient world."
Zurich's support as a private Governor sponsor signifies an essential step towards reinforcing international efforts in mitigating seismic risks and reducing the protection gap. Furthermore, this partnership highlights the potential impact of Zurich's return in promoting innovative insurance solutions, and strengthening risk assessment methods within the collaborative efforts facilitated by GEM.
The GEM Foundation and Zurich Insurance Group remain dedicated to advancing earthquake resilience, fostering innovation, and promoting sustainable solutions worldwide.
About Zurich Insurance Group
Zurich Insurance Group (Zurich) is a leading multi-line insurer serving people and businesses in more than 200 countries and territories. Founded 150 years ago, Zurich is transforming insurance. In addition to providing insurance protection, Zurich is increasingly offering prevention services such as those that promote wellbeing and enhance climate resilience. Reflecting its purpose to ‘create a brighter future together,’ Zurich aspires to be one of the most responsible and impactful businesses in the world. It is targeting net-zero emissions by 2050 and has the highest-possible ESG rating from MSCI. In 2020, Zurich launched the Zurich Forest project to support reforestation and biodiversity restoration in Brazil. The Group has about 60,000 employees and is headquartered in Zurich, Switzerland. Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange. Further information is available at www.zurich.com.
Global Earthquake Model (GEM) Foundation
GEM was formed in 2009 as a non-profit foundation in Pavia, Italy, and is funded through a public-private sponsorship with the vision to create a world that is resilient to earthquakes and other natural hazards. GEM is funded by public and private institutions globally, and is advised by many international organisations (https://www.globalquakemodel.org/partners).
GEM is also recognized by the UN as an NGO, operating under UN guidelines for a humanitarian organisation. Through global partnerships, GEM’s mission is to continue to be the world’s official, most complete source of earthquake risk resources and a globally accepted standard for risk assessment. Further, GEM aims to ensure that its products are applied broadly in disaster risk management/reduction and its services are available and accessible to public, private and academic institutions worldwide.
Helen Crowley and Iwan Stalder
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