Allianz-GEM partnership focuses on global earthquake risk resilience
The Allianz Group, one of the world's leading insurers and asset managers, has joined the Global Earthquake Model (GEM) Foundation, an international public-private partnership providing open-source hazard and risk assessment software, tools and data for the application of science to understanding and managing earthquake risk on a global scale.
The Allianz-GEM partnership aims to enhance the understanding of earthquake risk by leveraging Allianz’ experience in multi-peril modelling and the use of data in an insurance context; and GEM’s open, transparent and collaborative approach to earthquake risk analysis at the global, regional, and local levels. Matthias Hackl, Head of Cat Research & Development, Allianz Re, has joined the GEM board as part of the cooperation.
“We are happy to welcome Allianz to the GEM family. Allianz’ experience in natural catastrophe risk management combined with GEM’s long-term strategy toward multi-hazard risk modelling, can improve both organisations’ understanding of earthquake risks, and contribute to natural hazard risk resilience globally.” - John Schneider, GEM Secretary General.
Allianz Re natural peril experts currently model around 90 natural catastrophe scenarios worldwide using data collected from scientifically robust sources and Allianz exposure data to allow in-house and vendor applications to build a quick picture of risk accumulation in any defined location and form the basis for effective risk management measures.
“Partnering with GEM provides an opportunity for us to enhance the way we look at earthquake risk worldwide. GEM’s scientific experience and knowledge will improve our own earthquake models with their high-quality open data and models, proven methods and processes,” says Matthias Hackl.
“Allianz is committed to apply science to understand, manage and estimate the costs of natural hazards. We see the engagement with GEM as a great opportunity to expand our network of partners with whom we want to push the boundaries of understanding natural perils worldwide,” says Sibylle Steimen, Managing Director of Advisory & Services, Allianz Re.