Oakland-based EQECAT has been selected by the Insurance Bureau of Canada (IBC) to participate in a major industry study that will revise and redraw the Canadian CRESTA zone seismic boundaries.
The study plans to use EQECAT’s WORLDCATenterpriseTM to redefine the Canadian CRESTA zones, which are used by insurers and reinsurers around the world to manage and report accumulated catastrophe loss exposure and to set rates.
“The current CRESTA zone boundaries for Canada were developed years ago prior to the latest seismic, geologic, and soil investigations, and are no longer viewed as most accurately representing areas of common seismic exposure,” said the announcement. The revised zones will enable them to manage their exposure to earthquake losses based on the latest science.
“We are very pleased to have been selected for this important Canadian project, because it confirms both the excellence of our modeling technology and our capability to successfully manage high profile projects,” stated Richard Clinton, President of EQECAT. “We have had similar recognition in many other regions, having been selected as the model of choice for the Taiwan earthquake pool, the TCIP insurance pool in Turkey, the California Earthquake Authority and the majority of CAT bonds currently in force,” he continued.
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