Press "Enter" to skip to content

EQC to Switch from Minerva to RiskScape for Disaster Reinsurance

The state earthquake insurance company, EQC, prepares to upgrade its risk modeling system to its “new” RiskScape platform from the more than 20-year-old platform in Minerva.

Fraser Gardiner, EQC’s chief financial officer, said the company’s continued investment in natural hazard science, particularly the world-leading GeoNet platform developed in cooperation with GNS Science and LINZ, gave foreign reinsurance markets confidence in continuing to cover New Zealand.

Scientists had previously developed an extensive insight into the environmental dangers of New Zealand before 2001, but their study was overloaded by the GeoNet development.

Apart from the scientists he believes that following the earthquakes in Canterbury, most New Zealanders first learnt about Geo Net.

Since then, hundreds of thousands of New Zealanders have used the GeoNet software on their phones to determine the location and magnitude of each earthquake.

However, work has already started to provide access to GeoNet information.

GeoNet supplies scientists and people with essential data and allows EQC and private insurers to develop advanced loss models to evaluate risks and probable losses after a natural catastrophe.

International reinsurers use loss models to determine whether or not they are covering New Zealand and the amount of premiums that they require.

EQC gives a distinct picture of these hazards in New Zealand that may be contrasted with the other models that many US-based firms have created.

“It’s important for physical and economic safety in New Zealand to understand our natural dangers and their possible impacts,” said Gardiner.

In 1998, EQC began developing the appropriate risk modeling tools for New Zealand dubbed Minerva, together with its worldwide reinsurance agency Aon.

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *