Nasdaq have announced that The Global Earthquake Model (GEM), a leading 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.
The Colombia earthquake model will be the first of GEM’s models available through the 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.
Initiated by the OECD’s Global Science Forum, GEM was formed in 2009 with a vision to create a world that is resilient to earthquakes. 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.
“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. 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.”
“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,” said John Schneider, Secretary General, GEM.
Nasdaq Risk Modelling is powered by the latest version of the Oasis Loss Modelling Framework. Nasdaq’s ecosystem of catastrophe risk models enables clients to gain a broader understanding of catastrophe risk such as earthquake, hurricane and flood using a single service, and thereby enabling a new level of efficiency and cost-effectiveness for the re/insurance industry.
Nasdaq’s market technology powers more than 250 of the world’s market infrastructure organizations and market participants, including broker-dealers, exchanges, clearinghouses, central securities depositories and regulators, in over 50 countries with end-to-end, mission-critical technology solutions.