Development of a global seismic risk model

Since 2015, the Global Earthquake Model (GEM) Foundation and its partners have been supporting regional programs and bilateral collaborations to develop an open global earthquake risk model. These efforts led to the development of a repository of probabilistic seismic hazard models, a global exposure dataset comprising structural and occupancy information regarding the residential, commercial and industrial buildings, and a comprehensive set of fragility and vulnerability functions for the most common building classes. These components were used to estimate probabilistic earthquake risk globally using the OpenQuake‐engine, an open‐source software for seismic hazard and risk analysis. This model allows estimating a number of risk metrics such as annualized average losses or aggregated losses for particular return periods, which are fundamental to the development and implementation of earthquake risk mitigation measures.