RMS Releases an Update to its Japan Earthquake Model
Newark, Calif. -
October 03, 2012 -
RMS today announced the release of an update to its Japan Earthquake Model, incorporating a re-characterization of hazard resulting from the 2011 Great East Japan (Tohoku) Earthquake and Tsunami. The release is limited to source model updates that include changes to event rates, new seismic sources, and large magnitude events added to the stochastic event set.
"This update balances the preliminary, ongoing research from the Japanese Headquarters for Earthquake Research Promotion (HERP) with additional RMS perspectives that include both a wider view of uncertainty, and a new view of post-event seismicity," said Patricia Grossi, director of earthquake model product management at RMS. "Additionally, in this release, we've provided the capability by which our clients can manage tsunami accumulations."
Since its occurrence, the March 11, 2011 Great East Japan (Tohoku) Earthquake and Tsunami has been the focus of new research into both the possible magnitude and occurrence rate of events in the region, considering the fault rupture on the Japan Trench and increased post-event seismicity. The new research and subsequent updates are part of RMS’ dedication to helping our clients and the industry develop a more resilient risk management strategy in order to take full control of their company’s own view of risk.
The RMS Japan Earthquake Model was originally released in 1995, with its most recent major update in 2005, which expanded coverage to all islands of Japan. As part of RMS’ aim to provide a comprehensive view of portfolio risk for the Japanese insurance market, RMS continues to update its earthquake modeling methodologies to incorporate new scientific information and historical data as it becomes available. Future updates will incorporate further lessons learned from the 2011 Tohoku event, including source, ground motion, vulnerability, and financial modeling.
RMS models and software help financial institutions and public agencies evaluate and manage catastrophe risks throughout the world, promoting resilient societies and a sustainable global economy.