Earthquake Preparedness Action Plan
Parametric Insurance Startup: Earling
Earling, the a leading provider of short-term natural disaster risk systems, has the potential to impact both risk takers, such as insurance companies, and risk owners, including enterprises and small to medium-sized enterprises (SMEs), in the context of parametric insurance.
Impact on Risk Takers (Insurance Companies)
1. Data-Driven Underwriting: Earling's technology can provide insurers with accurate and timely seismic data, enabling them to underwrite parametric insurance policies more effectively[2][3].
Parametric Insurance Definition
In recent years, the insurance industry has witnessed a paradigm shift with the introduction of innovative products designed to offer more efficient and tailored coverage to individuals and businesses. One such innovation is parametric insurance, a concept that is gaining traction due to its unique approach to risk management. In this blog post, we'll delve into the definition of parametric insurance, its key features, advantages, and potential applications.
Parametric Insurance Example
In the event of flooding, sensors measure the water level on site and payment of the sum insured is triggered the moment the water reaches the predetermined depth.
New zealand earthquake modeling
In New Zealand, a region prone to seismic activity due to its location along the Pacific Ring of Fire, advancements in seismic risk modeling play a critical role. The complex tectonic setting necessitates a comprehensive approach, considering factors such as fault lines, historical seismicity, and future event potential. Accurate seismic risk modeling empowers authorities, businesses, and individuals to implement effective preparedness measures, enhancing resilience against potential earthquakes.
Japan's Facilities that Help to Prepare based on Short-term Earthquake Risks
Japan has several facilities in place that can be activated during high-risk time-windows in anticipation of a major earthquake. These include:
Japan Short-term Earthquake Risk Models
Short-term seismic risk models are ultimate solution for predicting and mitigating the impact of earthquakes in the region. Our models have proven their accuracy by accurately detecting high-risk seismic time-windows for several major earthquakes in the past, including the 7.3 magnitude earthquake that struck Fukushima on 03/16/2022, the 7.0 magnitude earthquake that struck Honshu Island on 03/20/2021, the 7.1 magnitude earthquake that struck Fukushima on 02/13/2021, the 6.4 magnitude earthquake that struck Niigata Prefecture on 06/18/2019, and the Hokkaido earthquake on 09/05/2018.
Earling short-term seismic risk models vs traditioinal earthquake early warning systems
Business Overview
The short-term seismic risk models developed for Japan have the potential to greatly improve the government, business, and individual responses to major earthquakes. By issuing alerts a few days in advance, instead of just seconds, these models provide valuable extra time for people to prepare for an impending earthquake.
Ecuador short-term earthquake risk model
Ecuador short-term earthquake risk model
We are excited to introduce a revolutionary new approach to preparing for and mitigating the risk of earthquakes in Ecuador. Our advanced AI models have been developed to detect high-risk time-windows and provide early warning to communities days before major earthquakes occur.
Short-term earthquake risk models results in Iceland
Our short-term earthquake risk detection models have been developed to detect high-risk time-windows before major earthquakes occur in Iceland. The technology has been successfully tested, and alerts were sent to the Icelandic Meteorological Office (IMO) before some of the recent major earthquakes, including Oct 20 2020, Feb 24 2021 M5.7 and July 31 2022 M5.4.