Earthquake Risk Transfer for Norway

Earthquake Risk Transfer for Norway; Short-term earthquake loss
Fig.1 - The south and south west of Norway are undercover by Earling and it successfully detected earthquake pre-indicators in the regions since July 2018. The regions experienced about 4 earthquakes greater than M3 followed by earthquake preparedness alerts issued by Earling.

Minor and Light Earthquakes as an Emerging Market in Norway

Natural perils insurances share was 1% in the 2019 Norwegian insurance industry report. Earling is focused on earthquakes to increase the natural perils’ share up to NOK 500M, which is the %5 of the whole and accessible market in the south of Norway in this field. Earling accurately detects high-risk time windows, which statistically caused minor and light earthquakes in the last decades in the south of Norway and focusing marketing campaign on this valuable data that triggers to increase P&C insurance penetration rates and current existence coverage.


Norway Earthquake Risk; Bergen, Oslo

Fig.2 Norway is a region with low-seismic activities, but it is one of the emerging markets in the insurance industry both in life and property and casualty insurances thanks to the accurate Earling Earthquake Preparedness Alerts, which all of them followed by earthquakes greater than M3 in the south of Norway. They are minor earthquakes but also an untouched emerging market.

EPA Effect on Norway Probable Maximum Loss

Fig.2 EPAs can increase Norway's earthquake insured loss up by $5 million in 2020.

Norway short-term expected earthquake loss

Earthquake risks that need to be transferred? download the report.

Affordable Risk Transfer

Once a loss occurs, it is too late to revise an insurance policy. Consequently, the policyholder must be extremely diligent during policy purchase and renewal. Understanding specific insurance requirements, carefully calculating the property and business interruption values, outlining contingency plans, and anticipating the potential losses at each location are all key steps in maximizing future insurance recoveries. In sum, paying close attention to the potential impact of a loss at the insurance procurement stage will help to minimize issues and maximize recovery when a loss does occur.

Proposing the best time-window(s) for maximizing insurance coverage before a catastrophe is the Earling solution to transfer earthquake risks. Instead of 365 days insurance, maximize the current coverage only for a few days in each year.

Now that revising insurance policies once a loss occurs is too late, Earling helps to know the best time to transfer risk through new policies or extending the current coverage for a limited period of time for example only for 10 days and not for 365 days of year.
Maximizing insurance coverage after a catastrophic loss is difficult for any company but Earling Earthquake Preparedness Alerts assists to do it before a catastrophe occur.

Well Known Risk Takers

Tackle your risks with our solutions to the big players. We propose enterprise companies as well as SMEs and individualizes the best time to purchase a new earthquake policy or extending the current coverage to make it inexpensive.
risk takers
Currently, Japan, New Zealand, Greece, Turkey, Caribbean, Chile, Ecuador, Taiwan, Romania, Indonesia, California are the regions, which Munich Re accepts their risks. In addition, South Africa, Oklahoma and Utah are subject to further work. Also, between the regions that Earling issues Earthquake Preparedness Alerts, Japan, New Zealand, Caribbean, Chile, Ecuador, Taiwan, Indonesia and US (California, Utah) are undercover by Swiss Re to take the risks.

How we can help?

In general, Earling has a global seismic monitoring network and specialists that are subject matter experts. Regarding the challenges mentioned above, Earling is been able to deliver support.

  • In the pressure on profitability, performance management and key performance indicator settings.
  • In the entrance of parametric insurance markets and issuing alternative products, Earling can deliver independent advice by our global resources.
  • To keep control on the impact of catastrophic events, Earling can assist in optimizing, validating on Cat and reinsurance programs modelling.

Requirements

Schedule a meeting to see how Earthquake Preparedness Alerts can transfer your risks.
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