NASDAQ adds global earthquake model to risk modeling service

The Global Earthquake Model (GEM), a non-profit public-private partnership to obtain information about earthquake hazards, has become the latest provider of disaster risk models from providing a range of models through the NASDAQ Risk Modeling Service.

GEM serves the public and private sectors in a global collaborative effort to develop scientific risk assessment tools, models and data to assess earthquake risk around the world.

Formed in 2009, GEM provides a suite of tools and open data through the OpenQuake platform, including the OpenQuake Engine, which is an open source seismic risk and risk assessment calculator.

The Columbia earthquake model will be the first GEM model available through the NASDAQ Risk Modeling Service.

“GEM is an important bridge between the public and private sectors and the academic community that has always been supported by the reinsurance community,” said Matt Jones, head of NASDAQ disaster risk products.

He continued: “As NASDAQ now expands the availability of earthquake risk models in GEM to our customers over NASDAQ risk models, we continue to increase the choice of models that are readily available to the wider public.”

“With the inclusion of GEM, Nasdaq now provides disaster risk models of ten providers, providing broad geographical coverage across the major risk risks for our clients.”

John Schneider, Secretary General of GEM, commented: “This partnership will pave the way for a broader group of insurance companies and financial risk managers around the world to come up with models that can help bridge the protection gap.”

“While GEM strengthens its engagement with the private sector, GEM remains fully committed to its mission to serve the public good by helping societies better prepare for natural disasters, especially in developing countries where risk information and the ability to assess risk are most needed.”

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