Earthquake Risk Transfer in Greece
Greece is located at the complex boundary zone in the eastern Mediterranean between the African Plate and the Eurasian Plate. The northern part of Greece lies on the Eurasian Plate while the southern part lies on the Aegean Sea Plate. The Aegean Sea Plate is moving southwestward with respect to the Eurasian Plate at about 30 mm/yr while the African Plate is subducting northwards beneath the Aegean Sea Plate at a rate of about 40 mm/yr. The northern plate boundary is a relatively diffuse divergent boundary while the southern convergent boundary forms the Hellenic arc. These two plate boundaries give rise to two contrasting tectonic styles, extension on east-west trending fault zones with strike-slip tectonics on SW-NE trending fault zones throughout west and central Greece, Peloponnese and the northern Aegean and contractional in the southern Aegean, continuing around to the Ionian islands. The south Aegean is the location of the volcanic arc and is characterized by extension. To the east of Crete along the Hellenic Arc, strike-slip tectonics with some extension become important. Earling can issue accurate earthquake preparedness alert especially for North of Greece.
EPA Effect on Greece Probable Maximum Loss
Greece short-term expected earthquake loss
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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.
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.
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.