Through the partnership, Howden Re will be able to access Temblor’s SiteAmp model, which provides advanced data-driven insights into earthquake susceptibility and impacts in Turkey.
Additionally, it has been announced that Myrto Pasaspiliou, Head of Model Research and Evaluation at Howden Re, will join Temblor’s scientific advisory board as part of the collaboration.
Temblor, founded in 2014 by former United States Geological Survey scientists, offers earthquake models which are used by insurance and reinsurance firms, as well as the insurance-linked securities community.
Howden Re stated that the integration of Temblor’s SiteAmp model will significantly boost the firm by applying unique soil amplification techniques, which are crucial to understanding the damage observed during the 2023 Kahramanmaraş earthquakes. These events caused over $100 billion in economic losses and $6.2 billion in insured losses. Howden Re noted that it aims to support Turkish cedants in making more confident risk management decisions.
The partnership will initially focus on Turkey; however, both parties have stated they are open to the possibility of expanding the collaboration to other earthquake-prone regions in Europe, Asia, and South America. Pasaspiliou remarked on the importance of earthquake preparedness: “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.”
The partnership also fits within Howden Re’s efforts to expand its capabilities in the region and builds on existing work to incorporate the latest science and loss experiences in catastrophe modelling. By synthesising knowledge from European seismic hazard and risk studies (ESHM20 & ESRM20), detailed analytics, and model calibration based on damage observations from the 2023 earthquakes, Howden Re, in collaboration with Temblor’s SiteAmp model, aims to provide a comprehensive and market-leading view of risk within Turkey.
Mario Baotic, Managing Director of International Growth Markets at Howden Re, commented on the recent devastation caused by earthquakes and the importance of these kinds of partnerships: “Through partnering with Temblor, we will be able to give greater clarity to cedants and reinsurers, with updated science and data helping to minimise uncertainty in modelled loss estimates.”
