The Earthquake Commission (EQC) is now using RiskScape to model damage and losses from natural hazard events. Loss modelling helps EQC understand the impact of a disaster by providing realistic estimates of likely damage and loss. EQC uses RiskScape for:
- Post-event modelling to provide near-real-time loss estimates and the spread of damage. This allows the insurance and emergency response sector to quickly understand the scale and spread of damage after an event;
- Modelling potential natural hazard scenarios to plan how to respond and build community resilience;
- Providing international reinsurance partners with an advanced view of hazard risks in New Zealand – a critical part of securing reinsurance; and,
- Setting the EQC levy rate.