Poland Earthquake Risk Transformation
Due to low-level seismicity in Poland, even one of the latest 5 years-long studies that brought over one hundred natural seismic events wasn't able to receive more than one greater magnitude 3.8 earthquake. Therefore generating a local profile for a region without having historical patterns that caused a noticeable earthquake is more complicated. Since July 2018 that Earling started monitoring Poland ground shaking patterns, it has been able to issue earthquake preparedness alert for at least 3 events greater magnitude 4 for the region.
If Poland had experienced a 50-year earthquake event in 2020, the affected GDP would have been about $20 billion, alongside $1.4 billion losses. In 2080, the affected GDP from the same type of event would range from about $15 billion to about $50 billion, due to population growth, urbanization, and the increase in exposed assets (Poland Affected Provinces by Flood and Earthquake, 2015).
Poland 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.