Insurance broker Willis Group Holdings said it has joined other businesses to sponsor the Global Earthquake Model (GEM), a five-year initiative of the Organization for Economic Co-operation and Development (OECD) to produce the world's first earthquake model.
The model is aimed at building comprehensive and consistent coverage around the world, including developing countries where no reliable models exist today, Willis said.
Willis is the first reinsurance broker to support GEM, joining its governing board whose members include a number of insurance firms, including Munich Re.
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