This report introduces a new model to help fill the gap in earthquake modelling for the rapdily urbanising Middle East region
The Middle East is a rapidly urbanising region and a growing business hub.
Of the 398 million people spread across the region, 56% live in cities. The area attracts large-scale investment, with six of the largest projects in the United Arab Emirates and Saudi Arabia worth more than US$55 billion.
While these changes are driving growth, they are also concentrating high-value assets and populations in a relatively small area, making them more vulnerable to natural hazards. In 2017, almost a fifth of the population in the countries covered this report is at risk from earthquakes.
For insurance to play its full potential in mitigating and transferring earthquake risk in the Middle East, insurers need better earthquake models for the region.
The model described in this report uses the latest data and new modelling techniques to provide a much-needed, additional earthquake model for the region that is different from others on the market.
Developed in partnership with CATRisk Solutions and the Lloyd's market, it uses a bespoke seismotectonic source model that generates thousands of earthquake scenarios to give a more accurate assessment of earthquake risk in Bahrain, Iraq, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria, United Arab Emirates and Yemen.