Impact Forecasting, the catastrophe model development team of
Aon Benfield, has contributed its latest earthquake data for the ThinkHazard! tool. Developed by the Global Facility for Disaster Reduction and Recovery (GFDRR), housed under the World Bank, this tool supports disaster risk reduction and preparedness.
ThinkHazard! allows development specialists to determine the likelihood of eight natural hazards and provides advice on what steps to take to improve resiliency of projects. These range from enhanced evacuation planning to promoting improved building codes.
The Impact Forecasting data, collated from 31 countries by earthquake experts and engineers in cooperation with GFZ German Research Centre for Geoscience, shows the probability of earthquake damage across each country. The data, visualized via ThinkHazard!, is divided into high, medium, and low hazard levels.
Adam Podlaha, global head of Impact Forecasting, commented: "The insurance industry has traditionally focused on how we effectively react and pay claims following a disaster – using insights from catastrophe models to help prepare. Now, we have the opportunity with the World Bank to help risk reduction specialists to plan ahead. This underpins Aon's commitment for sharing data and analytics to empower communities in both preparing for catastrophes and helping to rebuild lives and livelihoods in the aftermath. It is a privilege to be part of this project."
The data, as well as other associated risk score data, is available to insurance companies to understand and quantify earthquake risk and its impact on their property portfolios. Impact Forecasting also has data and risk scores for flood, storms, and terrorism.
