Frameworks such as ImageCat’s GEDI encourage more proactive disaster risk management and also support the emergence of parametric insurance as a way to protect livelihoods, communities and natural assets underserved by disaster risk mechanisms. ‘traditional insurance’, Simon Young, Principal, WTW.
LONG BEACH, CA (PRWEB)
September 10, 2022
ImageCat is pleased to announce its 2nd technical webinar on the brand new Global Economic Disruption Index (GEDI), a framework for assessing the economic impacts of climate change and disasters. GEDI is a modeling framework funded by NASA, GEO, and GOOGLE that characterizes the general economic impact of disasters, including economic restoration and recovery time of critical infrastructure. GEDI offers a way around the complexity of traditional modeling technologies and provides a simple index for widespread use.
“Climate change and a growing appreciation of the social impacts of disasters have caused many to question the way economic impacts are calculated,” said Charles Huyck, executive vice president at ImageCat. “GEDI offers a unique way to characterize the disruptions that follow disasters, with far-reaching applications, from environmental justice to parametric insurance products.”
The framework draws on Earth Observation (EO), Disaster Modeling (CAT) and economic modeling to serve a wide range of applications, including supplementing disaster warning, needs assessment (PDNA) and claims, community resilience assessment, prioritization of infrastructure projects, and compliance with recent executive initiatives, orders, and regulations regarding social justice and climate change (such as as Justice40, SEC proposal 33-11042 and ex-ordinance 14008). GEDI will be available to government, insurance and non-profit sector end users through the consulting services and risk platforms of ImageCat Inhance® and FACFinder™.
“Bringing together Earth observation, future climate projections and disaster risk models is essential to understand and thus better manage the increasing physical risks that a more volatile and extreme climate brings. Frameworks such as ImageCat’s Global Economic Disruption Index (GEDI) encourage more proactive disaster risk management and also support the emergence of parametric insurance as a way to protect livelihoods, communities and people. natural assets underserved by traditional insurance mechanisms,” said Simon Young, Senior Director of WTW’s Climate and Resilience Practice.
To learn more about how GEDI can help your organization, please join our 2nd technical webinar on this topic specifically for the insurance public on Wednesday, September 14, 8:00 a.m. Los Angeles/10:00 a.m. New York/4:00 p.m. London.
Please register here: https://us06web.zoom.us/webinar/register/WN_SjK027qJS3qfqREBWzy3wQ
Speakers for this event are Shanna McClain, PhD, NASA Disaster Program Manager, Charles Huyck, Executive Vice President of ImageCat, and Rick Murnane, PhD, is the CEO of Kinetic Analysis Corporation. Speakers will discuss NASA’s disaster program, goals and objectives, current activities and future directions, and applications of the GEDI framework for the insurance industry.
- The Disasters program area of NASA’s Earth Sciences Applied Science Program uses Earth observation data and applied research to improve prediction, preparedness, response, and recovery from hazards and disasters in the whole world.
- ImageCat is an international risk management innovation company serving the global risk and disaster management needs of the insurance industry, governments and NGOs.
- Kinetic Analysis Corporation provides a holistic, multi-model, multi-hazard view of deterministic and probabilistic risk, damage, and loss data. Multi-model and deterministic data is available in near real time for current events, as well as historical or what-if scenarios.
This free webinar is presented by Resurances, an initiative of ImageCat.
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