country model to assess potential financial losses to commercial, industrial and residential buildings due to earthquake ground shaking
The GEM Colombia model is based upon GEM’s regional model for South America first developed from 2013 to 2015 within the South America Risk Assessment (SARA) project funded by the Swiss Re Foundation and updated in 2018. The development process involved dozens of local scientists and engineers from earthquake-prone countries in South America, resulting in an open product for analyzing ground-up loss from ground shaking for residential, commercial, and industrial buildings. This model has been further improved with local information, such as local construction practices, replacement costs and level of enforcement of the seismic regulations.
The Colombia earthquake loss model (2021) is available commercially through the Nasdaq Risk Modeling Service (Oasis format) and on the Verisk (formerly AIR) Touchstone platform, and through an NDA for public good purposes.
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