Nepal Earthquake Risk Transformation
The April 2015 Nepal earthquake killed nearly 9,000 people and injured nearly 22,000. It occurred at 11:56 Nepal Standard Time on 25 April 2015, with a magnitude of 7.8Mw or 8.1Ms and a maximum Mercalli Intensity of VIII (Severe). Its epicenter was east of the Gorkha District at Barpak, Gorkha, and its hypocenter was at a depth of approximately 8.2 km (5.1 mi). It was the worst natural disaster to strike Nepal since the 1934 Nepal–Bihar earthquake. The earthquake triggered an avalanche on Mount Everest, killing 21, making 25 April 2015 the deadliest day on the mountain in history. The earthquake triggered another huge avalanche in the Langtang valley, where 250 people were reported missing. Earling has covered the capital from the summer of 2018. Since then several earthquakes that hit the regions followed by earthquake preparedness alers, which have been issued by Earling from hours until days before.
Nepal 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.