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Greece
Greece Earthquake
Greece and the surrounding areas represent the most active seismic
region in the Mediterranean, and in the whole of Europe. This region is
in the collision zone between the Eurasian and the African lithospheric
plates, generating frequent, large earthquakes.
Examples of damaging historical earthquakes include the 1953 M7.3
Cephalonia earthquake, the 1973 M6.5 Thessaloniki earthquake, the 1981
M6.7 Gulf of Corinth earthquake, and the 1995 Kozani-Grevena M6.4
earthquake. Most recently, the insurance industry took note of
earthquake risk in the region following the 1999 M5.9 Athens earthquake,
which caused the highest losses in Greek history. Recent economic growth
around Athens, especially in areas on poor soils, coupled with the
earthquake’s proximity to the capital contributed to high losses despite
the relatively moderate magnitude.
The RMS® Greece Earthquake Model provides the most advanced capability
for insurers and reinsurers to understand the impact of earthquake risk
on insurance portfolios in Greece. Following its release in 2001, a
consortium of the six largest Greek insurers representing about
two-thirds of the national market for earthquake insurance used the
model to assess their risk and optimize insurance and reinsurance
structures. Reinsurers, similarly, can use the model to quantify Greek
earthquake risk and manage this risk within a global portfolio.
Model Highlights
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Three attenuation functions, specific to tectonic
settings and earthquake mechanisms |
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Model calibration using seismic intensity
distributions for events dating back 130 years |
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Soil and liquefaction data at postal code
resolution, based on 1:50,000 resolution soil maps for the key
metropolitan areas of Athens and Thessaloniki |
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Vulnerability functions developed in conjunction
with local experts to account for unique aspects of Greek building
design and construction practices such as soft story (pilotis)
design |
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Validation using extensive research and data from
the 1999 Athens Earthquake |
Geographic Scope
All of Greece
Exposure Data Resolution
Data input supported at the following levels of
resolution: latitude-longitude, postcode, prefecture, CRESTA zone |
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