Cross sector climate services through collaboration between the insurance sector, academia and research

WP1: Risk model integration into Oasis Loss Modelling Framework

Office Blocks in Harbour

Objectives

Work Package 1 (WP1) will deliver the methodologies and standards to transfer climate risk data produced in WP2 into standardized risk information as demanded by the insurance sector. WP1 will provide the methodologies and standards to transfer climate risk data produced in WP2 into standardized risk information as demanded by the insurance sector. We will integrate new standards in model development that have been developed in conjunction with the Insurance Development Forum, a collaboration between the Insurance Industry and the World Bank. In addition, we will be focusing on the user needs of partners in WP2 work streams, to make sure we have easy to understand and appropriate software for them.

The standards focus on the following key areas:

  • Synthetic event methodology
  • Quantifying uncertainty
  • Validation and sensitivity approaches
  • Sampling and convergence methodology.
  • Vulnerability function development

We will further integrate the models and tools created in WP2 into the Oasis platform and provide model certification. In addition, we will build a new user interface that is designed for Non Insurance applications including cities, governmental users and academics. The goal of the software is to build an intuitive and easy to use piece of software that will be open source and will allow for users with only limited programming experience to make adjustments to the code base.

Description

Oasis Loss modelling framework has built up over the last 5 years a group of 43 (Re)Insurance companies and over 100associate partners. There has been a focus on data and model interoperability and the needs of model developers to encourage a wider supply of insight from academia. This has all focused on the specific needs of one of the largest users of climate and risk data, the Insurance industry. 

The recently formed Insurance Development Forum (IDF) has galvanized the worlds Insurance industry and conjunction with The World Bank and UNISDR (United Nations International Strategy for Disaster Reduction) to look at developing standards that will improve the use of climate data and catastrophe models to both help developing nations but also improve the use in developing nations and mature businesses. Oasis software comprises a calculation engine, designed for any type of end user and a user interface that was designed for the Insurance sector.

These components were created using feedback from a global community of 43 Insurance Companies and specialist model developers from around the world. The software is now ready to be improved further by being made fully open source which will also create sustainability. However, we need to encourage additional growth and encourage innovation in different sectors and the work on the Danube including multiple stakeholders including cities and developing sectors like agriculture and health will help grow and develop both the core community and new ones in addition.

Oasis Loss Modelling Framework was founded in 2012 to open up the world of Cat Modelling. The aim was to build a vibrant community that would both broaden the supply of cat models and increase the user base. As a not-for-profit company, it is owned by over 40 of the world’s leading insurers, reinsurers and brokers and forms, together with an Associate Member community of over 100companies and academic institutions, a broad community of organizations dedicated to improving catastrophe loss modelling.Within the project, we will support the application of the Framework and the calculation engine. We will additionally create a new user interface that can be used by cities and others in new user communities that we are working on. 

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