Global professional services firm, Aon plc announced the launch of a new probabilistic catastrophe model to quantify loss potential for earthquake risk in Canada.
Developed by Aon’s impact forecasting team in collaboration with the Global Earthquake Model Foundation, the model is based on research from National Resources Canada which publishes the seismic hazard model for Canada’s 2020 National Building Code.
“Global cumulative earthquake damage since 2000 has exceeded $1-trillion by the end of 2022. While earthquake damage in Canada has been relatively low, the peril remains a significant concern for the country,” Aon states.
The new earthquake model combines the latest seismic hazard model for Canada with Aon’s data enhancements for secondary perils, including liquefaction, landslides, tsunami and fire following an earthquake. “It provides a range of outputs, including aggregates and maximum loss estimates for single risks and a portfolio of properties,” Aon adds. “Clients can also leverage the high-resolution hazard and risk maps for detailed underwriting and risk assessment.”