EQC’s loss modelling allows quick estimation of losses after an earthquake, and modelling of residential housing damage costs from any given future earthquake.
EQC is transitioning its loss modelling to RiskScape software(external link) developed by GNS Science(external link) and the National Institute of Water and Atmospheric(external link) (NIWA). The new software base means that over time, EQC will be able to expand its loss modelling to other hazards it covers, such as volcanic activity, landslides and tsunamis, as well as more complex modelling such as multi-hazard events like landslides after earthquakes.
The new model will also be able to more easily integrate new research as it is developed, turning science into actionable data and insights. EQC, GNS Science and NIWA are working together on expanding the capability of the RiskScape software.
EQC’s loss model provides a highly credible, specifically Aotearoa view of risk that reinsurers and other can use alongside their other mechanisms for assessing risk.