Whenever a loss model is being constructed it usually and quickly comes down to availability of data to parameterise and test the model – exposures, catalogues of events, vulnerability functions, actual claims, industry exposure data sets and built environment datasets. You’ll need them all and more!
One of the key features of the Oasis LMF framework is its attention to data. Oasis LMF supports data standards in all “plug and play” components that can be used by the model, as well as linking to a wide range of (both public and private) data providers who can make data available in a form usable by Oasis LMF standard components. Some of these data sets will be used for comparison and accreditation of the models. For example, maintenance of benchmark portfolios of properties and insurance policies for testing and comparison of models and the maintenance of some deterministic footprint events which can be matched to an event from the model provider (much as Lloyd’s RDSs are done today).