Swiss InsurTech CelsiusPro has announced it has partnered with Global Earthquake Model (GEM) Foundation to enhance earthquake modelling capabilities and products.
Based on GEM models, CelsiusPro will generate stochastic long-term earthquake catalogues and corresponding shake maps for different ground motion parameters.
Dr Alireza Khodaverdian, Earthquake Risk Specialist at CelsiusPro, explained that the firm’s modelling approach encompasses the entire possibilities of earthquake occurrences over long time periods while assuring consistency with the shake maps produced by the United States Geological Survey.
CelsiusPro CEO Mark Rueegg, commented, “Our partnership with industry leader GEM is a natural consequence of our aim to continuously improve our natural hazard modelling capabilities serving our clients with know-how and technologies for risk analysis and parametric insurance design.”
John Schneider, GEM Secretary General, added, “Our organizations are bound by a shared vision for a safe and disaster-resilient world.
“For GEM, this partnership provides an excellent opportunity to apply GEM’s models and data for new risk financing opportunities that will contribute to risk-reduction objectives.
“At the same time, we also see this as an opportunity for sharing and exchanging scientific knowledge in processing and analyzing risk data and modelling approaches with CelsiusPro in the years ahead.”
GEM was established in Pavia, Italy, 2009, and is funded by public and private institutions globally, and is advised by many international organisations. Recognised by the UN as an NGO, its mission is to become one of the world’s most complete sources of risk resources and a globally accepted standard for earthquake risk assessment.
Meanwhile, CelsiusPro has been leading in parametric insurance solutions since 2008, helping its clients mitigate the effects of extreme weather and natural catastrophes worldwide.
