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Risk modeler updates South American earthquake models

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Catastrophe risk modeling firm AIR Worldwide said Tuesday it has updated its earthquake models for South America. The updates on the models are based on new data about seismic risk in the area.

This version of the model can analyze high-value industrial facilities, builder’s risk, and public infrastructure. The catastrophe models include tsunami, liquefaction, and ground shaking in South America. Along with models for Chile, Peru, Colombia, and Venezuela there is now a model for Ecuador. Insurers, reinsurers, and other stakeholders will be provided with a complete view of earthquake risk in South America, AIR said in a statement.

Additionally, the model includes updates to the local intensity, vulnerability, and loss calculation. Updated ground motion prediction equations and a view of tsunami risk for the coastline, according to the statement.

“We’ve employed several innovative methodologies to achieve a comprehensive view of South America’s complex seismicity and the vulnerability of its building stock,” said Mehrdad Mahdyiar, vice president and senior director, earthquake hazard, AIR Worldwide. “By covering earthquake-triggered perils such as tsunami and liquefaction in addition to ground shaking, AIR’s new earthquake models give companies a distinct advantage in preparing for the next great earthquake in the region.”