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CelsiusPro and GEM partnership aims to expand earthquake and climate risk financing options through parametric insurance

Source(s): Global Earthquake Model Foundation (GEM)
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CelsiusPro, a pioneering parametric insurance solutions provider in climate and NatCat risk protection, has established a partnership with the Global Earthquake Model (GEM) Foundation, an international public-private organisation that is improving the state of practice of earthquake hazard and risk assessment through the development of open global databases and models, the OpenQuake software, and stakeholder capacity for risk assessment globally.

The partnership aims to help communities worldwide mitigate the economic impacts of earthquakes by leveraging the state-of-the-art technology behind CelsiusPro’s end-to-end system for digital parametric insurance solutions, and GEM’s advanced earthquake models and data and commitment to an open, transparent, and collaborative approach at the global, regional, national and local levels.

“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 analysing risk data and modelling approaches with CelsiusPro in the years ahead,” John Schneider, GEM Secretary General.
“Our partnership with GEM will further enhance our risk modeling capabilities for earthquakes, allowing us to better serve our clients with risk analysis and product solutions. Providing a fast and efficient payout to bridge the first weeks following natural disasters such as earthquakes, is critical for the survival and future economic prosperity of companies in the affected areas,” says Mark Rueegg, CEO of CelsiusPro.
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