Standards

The Oasis LMF kernel only runs if it can be fed with data.  These data, whilst quite general and varied in nature, must follow some standards in order to be used in Oasis LMF.  Some standards – such as those for exposures and policy data structures - have already been rationalised by the Insurance Industry’s ACORD Standards body, but even these may need extension to work effectively with model components.  The model data interfaces themselves - hazard footprints, damageability functions, correlation matrices, industry loss databases (amongst others) - have not yet been standardised.  In these cases, Oasis LMF offers de facto standards and work with standards bodies and other initiatives, such as GEM (Global Earthquake Model) and the EU ClimateKIC programme. Our papers on model development standards and the financial module demonstrate work in this area and our involvement in the Lloyd’s Market Association (LMA) Exposure Data Design Standards Project (EDP) is another example.