The Global Earthquake Model (GEM), a non-profit, public-private partnership for earthquake risk information, has become the latest catastrophe risk model provider to offer its range of models via the Nasdaq Risk Modelling service.
GEM serves the public and private sectors in a global collaborative effort to develop scientific risk assessment tools, models and data for assessment of earthquake risk around the globe.
Formed in 2009, GEM provides a suite of open tools and data through the OpenQuake platform, including the OpenQuake Engine, an open-source calculator for earthquake hazard and risk assessment.
The Colombia earthquake model will be the first of GEM’s models available through Nasdaq’s Risk Modelling service.
“GEM is an important bridge between the public and private sectors and academia which has long been supported by the re/insurance community,” said Matt Jones, Head of Catastrophe Risk Products, Nasdaq.
“As Nasdaq now extends the availability of GEM’s earthquake risk models to our clients on Nasdaq Risk Modelling, we continue to increase the choice of models easily available to the broader audience,” Jones continued
“With the inclusion of GEM, Nasdaq now offers catastrophe risk models from ten providers, bringing a wide geographic coverage across major risk perils to our clients.”
John Schneider, Secretary General of GEM, also commented: “This partnership will pave the way for a broader range of insurers and financial risk managers across the globe to access models that can help address the protection gap.”
“As GEM strengthens its engagement with the private sector, GEM remains fully committed to its mission to serve the public good by helping communities better prepare for natural disasters, particularly in developing countries where risk information and capacity to assess risk is most needed.”