Welcome to Oasis
Catastrophe models have matured significantly within the last 20 years and are now essential tools for pricing, assessing capital adequacy, and measuring profitability. During this time though the model marketplace has remained essentially unchanged. Barriers to entry have restricted the ability of the insurance community to exploit large elements of available research in hazards and vulnerability. Costs for hardware, software, and staff who understand the models are increasingly prohibitive which, in turn, limits the ability of buyers, brokers and carriers to make risk assessments.
What is needed instead is an open marketplace for models and data leading to much wider access to understandable tools for catastrophe risk assessment. This will allow for Governments, corporations and eventually individuals to benefit from the market place and functionality that we have enabled.
Under the auspices of the UK’s Financial Services Knowledge Transfer Network and Climate-KIC, Oasis Loss Modelling Framework (LMF) has brought together leading players from the (re) insurance community and technology along with academic experts to create a not-for-profit organisation with the aim , over the next two years, of establishing a proven framework for the use of multiple catastrophe models.
The current intention is therefore that from 2014 the software, data standards, and methodologies will be freely available together with a commercial portal allowing customers and vendors to buy and sell models, data and services.