Karl Jones, Head of Catastrophe Analytics, Willis Re International said of the partnership, “The truly global nature and depth of the work undertaken by GEM enables us to access some of the best and most consistent data to inform our view of risk and help our clients understand theirs.
“Willis Towers Watson was one of the original founding members of this ground-breaking initiative and the renewal of this partnership highlights the continued importance of their global work.”
Rosa Sobradelo, Senior Research Manager for the WRN said: “We believe that supporting initiatives such as GEM puts the WRN at the forefront of applied research for earthquake hazard and helps provide a customized and bespoke view of risk, as well as reflecting Willis Towers Watson’s commitment to social responsibility”.
Since its creation ten years ago, the GEM Foundation has been developing open source tools to help public and private entities assess and quantify earthquake risk. This extensive and collaborative work with private, public, academic and scientific institutions worldwide has made GEM a global touchstone in the field of earthquake risk assessment. With a mosaic of earthquake hazard and risk models covering the entire globe, GEM is set to release its Global Earthquake Model 2018 (GEM2018) in December.
John Schneider, GEM Secretary General said: “GEM and Willis Towers Watson share a common commitment to the development and application of science to understanding and managing earthquake risk on a global scale. We are very pleased to renew our relationship and continue our work together”.
The WRN continues to invest in a number of international research initiatives to integrate public science with the insurance industry and to use this research to improve and promote best business practice.
About Willis Research Network (WRN)
The Willis Research Network (WRN) is an award-winning collaboration between academia and the finance and insurance industries. Since it was founded in 2006, the WRN has explored ways in which the world’s leading research organisations can help confront the challenges of managing risk and delivering resilience for our industry, providing a transmission mechanism for delivering research impact into the global re/insurance industry. Through the WRN, Willis Towers Watson has teamed up with more than 50 world-leading institutions pioneering science and new analytical approaches to traditional problems of greatest relevance to our clients and our industry. Learn more at willis.com/willisresearchnetwork.
About Willis Towers Watson
Willis Towers Watson is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has over 40,000 employees serving more than 140 countries. We design and deliver solutions that manage risk, optimise benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential.
About Global Earthquake Model (GEM) Foundation
Initiated by the OECD’s Global Science Forum, GEM was formed in 2009 as a non-profit foundation in Pavia, Italy, funded through a public-private sponsorship with the vision to create a world that is resilient to earthquakes. GEM’s mission is to become one of the world’s most complete sources of risk resources and a globally accepted standard for earthquake risk assessment, whose products such as OpenQuake software and the upcoming Global Earthquake Model, are applied in risk management worldwide. GEM works collaboratively with partners worldwide to develop analysis tools and databases and to build capacity for earthquake risk assessment, especially in emerging markets and developing countries most at risk. Learn more at http://www.globalquakemodel.org.