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Inter-American Development Bank Signs Contract With ABS Corporate Solutions, EQECAT For Catastrophic Risk Analysis Project
August 21, 2006
WILMINGTON, Delaware
ABS Corporate Solutions, and its affiliate EQECAT, Inc., said today that the Inter-American Development Bank (IDB) has signed a contract for a catastrophic risk analysis project focusing on Bolivia, Guatemala, Peru and Jamaica.
The analysis will be used to develop risk management strategies that help countries reduce preventable losses from disasters as well as safeguard the effectiveness of the Bank’s development assistance.
Financial terms of the agreement were not disclosed.
ABS Corporate Solutions is a leader in providing innovative, optimal risk management consulting services and technologies to major business sectors worldwide. EQECAT is the leading authority on extreme risk modeling. The IDB is the main source of multilateral financing for economic, social and institutional development projects, as well as trade and regional integration programs, in Latin America and the Caribbean.
Under the agreement, ABS Corporate Solutions and EQECAT will provide analyses designed to identify important disaster risk issues in the context of development priorities for each of the four countries and assist the countries and the IDB in understanding risk management priorities.
These assessments will inform the IDB’s country strategies, which include issues related to various sectors such as infrastructure and education and help identify and quantify risks associated with IDB’s lending portfolio.
The primary components of the evaluation include developing a disaster risk profile to quantify the potential impact on public and private assets from an array of natural and man-made perils, as well as identifying government risk management priorities; assessing current risk management strategies and capacity to manage disaster risk in the context of development priorities; and, identifying IDB’s portfolio exposures to natural hazards, and the potential implications for the Bank’s efforts.
“These components are critical to providing the necessary recommendations for implementing an effective program designed to improve the IDB’s ability to help countries anticipate and manage a range of relevant catastrophic risks which could pose a threat to development in the region,” said Kenneth Travers, senior vice president, ABS Corporate Solutions.
“ABS Corporate Solutions’ suite of services is geared toward providing risk officers at corporations, and government and related organizations worldwide with an independent view of risk from extreme events,” Mr. Travers said.” “The engineering and risk assessment support we receive from our parent company, ABS Consulting, coupled with the real-world tested modeling technology provided by EQECAT, enables us to provide a superior risk management program for any organization,” he said.
ABS Corporate Solutions will use EQECAT’s WORLDCATenterprise™ platform, in addition to conducting various technical workshops and in-country meetings with local, economic and government officials, to develop an appropriate view of the risk to private and public assets, infrastructure and the economic impact from a potential catastrophic event in each country.
About Inter-American Development Bank
The Inter-American Development Bank (IDB) was established in 1959 to help accelerate economic and social development in Latin America and the Caribbean. Today, the bank is a major catalyst in mobilizing resources for the region. It is owned by its 47 member countries. It has headquarters in Washington, D.C., with country offices in each member nation in Latin America and the Caribbean, and special offices in Paris and Tokyo.
The bank provides loans, technical assistance and policy guidance to further its goals of poverty reduction and sustainable development in the Latin American and Caribbean regions. The four official languages of the bank are: Spanish, English, French and Portuguese. For more information about the bank, please visit the bank’s website at www.iadb.org.
EQECAT Serves Global Clients Through Extensive WORLDCATenterprise™
Through its user-friendly, extreme-risk modeling software, WORLDCATenterprise™, EQECAT enables clients to assess and manage potential damage and loss from wind, earthquakes, flood, wildfire, and terrorism, among other perils. WORLDCATenterprise™ includes 167 natural hazard software models for 88 countries spanning six continents.
EQECAT and its parent ABSG Consulting Inc. (“ABS Consulting”) serve the global property and casualty insurance industry, major multinational corporations and financial institutions. EQECAT is known as the technical leader and innovator in the development of analysis tools and methodologies to quantify insurers’ and major corporations’ exposure to natural and man-made catastrophic risk.
EQECAT was founded in 1994 and is headquartered in akland, California. For additional information, please log on to www.absconsulting.com, or www.EQECAT.com.
ABS Corporate Solutions Is Technology-Driven Enterprise
ABS Corporate Solutions is a technology-driven enterprise, dedicated to assisting clients worldwide in reducing business risk from extreme events, and assuring their continuity of operations through recognition and effective management of the full spectrum of risks to their facilities, employees and operations. It provides a combination of customized alternative and contemporary risk management solutions to mitigate and manage asset, operational, and supply chain exposures.
ABS Corporate Solutions’ suite of products and services include: Enterprise Risk Optimization; Flood Risk Review and Analysis; Mortgage Impairment Portfolio Risk Analysis; Supply Chain Risk Simulation (SCRS); Terrorism Risk and Insurance Analysis; Property Loss Control; Risk Assessment; Risk Mitigation; Risk Transfer Review and Emergency Risk Planning. For additional information about ABS Corporate Solutions products and services, please call (302) 239-7310, or visit http://www.eqecat.com/abscorporatesolutions.
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