Howden Re, a global reinsurance broker known for its innovative risk transfer solutions, has announced a new partnership with Temblor, a catastrophe modelling company that specialises in seismic hazard and risk assessment.
The collaboration aims to enhance Howden Re’s capabilities in assessing earthquake risks in Turkey, according to Insurance Business Mag.
The primary goal of this partnership is to provide Howden Re with access to Temblor’s advanced SiteAmp model, which offers data-driven insights into earthquake susceptibility and impact.
This integration will allow Howden Re to support Turkish cedants in making more informed risk management decisions, particularly in the wake of the devastating 2023 Kahramanmaras earthquakes.
As part of the partnership, Howden Re’s head of model research and evaluation for international, Myrto Papaspiliou, will join Temblor’s scientific advisory board. This move further solidifies the collaboration and underscores Howden Re’s commitment to integrating the latest scientific advancements into their catastrophe modelling processes.
While the initial focus of the partnership is on Turkey, both Howden Re and Temblor are exploring opportunities to extend their collaboration to other earthquake-prone regions, including Europe, Asia, and South America.
This expansion could significantly broaden the impact of their work in improving earthquake resilience globally.
The integration of Temblor’s SiteAmp model is particularly timely, as it builds on recent catastrophic events in Turkey, where the 2023 Kahramanmaras earthquakes resulted in over $100bn in economic losses and $6.2bn in insured losses.
Howden Re’s head of model research and evaluation for international, Myrto Papaspiliou, said, “We firmly believe it is fundamental to harvest the best science and data in order to overcome model limitations, support our clients in the quantification of their risk, and increase earthquake resilience.”
Mario Baotic, managing director of international growth markets at Howden Re, added, “Through partnering with Temblor, we will be able to give greater clarity to cedents and reinsurers, with updated science and data helping to minimize uncertainty in modelled loss estimates.”
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