Descartes partners with the Global Earthquake Model Foundation

Climate Risk Modeling Descartes Underwriting has partnered with the Global Earthquake Modeling (GEM) Foundation.

The GEM Corporation is an international public-private partnership committed to developing open source software, tools, and data for risk and risk assessment.

This collaboration aims to accelerate the continuity of “data to resilience” by leveraging Descartes’ modular insurance solutions and GEM’s collaborative approach to earthquake risk analysis at global, regional, national and local levels.

Earthquakes, which accounted for only 8% of all disasters in the past 20 years, are the deadliest of all sudden disasters. Hazard is one of the main causes of economic disruption and disaster deaths due to building collapse.

The effects of exposure and cascading global impacts have been exacerbated in the past decade, with less than one-fifth of earthquake losses globally covered by insurance.

The collaboration between GEM and Descartes Underwriting seeks to increase the benefit of earthquake insurance and reduce the protection gap in disadvantaged sectors and regions of the world.

The joint partnership also supports the continuous development of fair and transparent standard insurance structures that ultimately reduce underlying risk and enhance policyholder resilience.

The GEM suite of seismic risk, exposure, and vulnerability models as well as OpenQuake tools can be used to simulate the seismic behavior of buildings, lifelines, and critical facilities.

In particular, it allows to assess the likelihood of earthquakes, the consequent physical damage and economic losses, which is essential information for the implementation of a wide range of risk reduction and transmission mechanisms, including modular insurance.

John Schneider, General Secretary of GEM, said: “This partnership will provide a framework for both organizations to work together in developing high-accuracy and scientifically robust earthquake and hazard risk data to meet the public and private sector needs for customized and affordable earthquake insurance products.

“Our joint efforts can also contribute to a better understanding of earthquake risks around the world and better earthquake insurance coverage.”

Kevin Diddio, Co-Founder and Head of Research and Development, Descartes Andring added: “The partnership with GEM is a milestone for both organizations and plays an important role in providing the next generation of standard earthquake insurance to customers around the world.

“With friction-free and transparent thrusts after seismic events, our combined efforts will be instrumental in reducing the earthquake protection gap worldwide.”

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