Aon joins the Global Earthquake Model Foundation

Professional services firm Aon has joined the Global Earthquake Model (GEM) Foundation.

The company said it is joining the nonprofit public-private partnership that develops and distributes models and data for transparent assessment of earthquake risk around the world as the portfolio sponsor.

Comprised of public, private, academic, and non-governmental organizations, GEM delivers state-of-the-art earthquake risk reduction solutions through relevant data, tools, and information as well as hazard and hazard assessments designed to improve understanding of earthquake risk and risk globally.

In her new role as governing sponsor, Aon and its disaster prediction model development team will lead the firm’s collaboration with GEM’s science teams in developing advanced tools to analyze the financial impacts of earthquakes for effective reinsurance, underwriting and exposure management strategies. Furthermore, Aon will work with GEM to bring together a range of collaborations to advance understanding of earthquake risk globally, increase the use and adoption of earthquake models and broaden the field of potential scientific collaborators to assist in model development. This collaboration will help Aon’s clients, the broader reinsurance/insurance industry and stakeholders make better risk decisions while navigating volatility and building operational resilience.

In addition, GEM’s earthquake modeling platform, OpenQuake Engine, provides an opportunity to develop standardized approaches in seismic risk analytics, and to share the same technology within the rapidly growing community of users from across the reinsurance industry.

John Schneider, General Secretary of GEM, said: “We welcome Aon to the GEM Board of Directors as a voting member. GEM and Aon, through their Impact Forecasting team, have been collaborating for several years now on developing earthquake loss models, and Aon’s new three-year sponsorship of GEM will allow us to work together across a broad range of topics and share open-ended risk high-quality information to improve mitigation strategies. risks around the world.

Adam Budlaha, Head of Impact Forecasting at Aon, said: “We are excited to continue our close collaboration in developing new earthquake models for impact prediction, as well as giving users access to models developed from the GEM in our ELEMENTS platform. The recently released Canada Earthquake model demonstrates the collaborative power of our community – combining a sixth-generation earthquake hazard model for Canada implemented by Natural Resources Canada natively in GEM’s OpenQuake platform, with impact prediction improvements for secondary hazards, including liquefied landslides And tsunamis and fires. “

GEM’s collaborative efforts have been an important contributor to the development of the earthquake model of impact prediction, which has helped the company assist customers in understanding and analyzing risk and navigating associated variability. The GEM collaboration has helped the team improve model development processes, enhance the local and global credibility of impact prediction models and increase the field of potential scientific collaborators for client-based projects.

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