On September 25th, the Remote Sensing and Photogrammetry Society (RSPSoc) Disaster Management Special Interest Group (SIG) and the Association for Geographic Information (AGI) Insurance and Risk SIG, jointly hosted their Earthquakes from space: Earth observation for quantifying earthquake risks event in London.
The event helped insurance industry modellers and analysts investigate how earth observation, satellite and geospatial technologies support the quantification of earthquake risk through an independent view from academics and industry professionals working in this area.
Earthquake events, though low in frequency are high in severity. In recent memory a number of events have caused devastation in many different places in the world: Pijijiapan, Mexico in 2017, Nepal in 2015, L’Acquila, Italy in 2009 and Northridge, California in 1994. These events had a massive impact on lives and livelihoods and impacted insurance markets and governments alike.
To help with estimating the frequency and quantifying the loss from earthquake events, insurance companies and risk financing professionals use catastrophe models which typically look at the risk to a portfolio of buildings insured by the company. High resolution daily Earth observation imagery, and even real-time video-streaming by satellites, are new technologies that will benefit the insurance industry, enabling faster damage assessment and loss quantification following earthquake events, improving our understanding of seismic hazard, as well as facilitating disaster resilience and recovery.
The event hosted the following speakers:
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