CAT RISK MODELLING
New players are entering the market and disrupting the long-standing status quo.
Despite the slow pace of change in the cat risk modelling marketplace over the past 20 years, there are new players entering the market and disrupting the long-standing status quo. Boat Services have brought to market ModEx: the multi-peril cat risk modelling platform, partnering with market leaders and technology experts: Oasis and Equinix. ModEx delivers a new ecosystem of cat risk modelling services and tools to the (re)insurance industry providing them with a deeper understanding of risk.
The platform operates on the Oasis Loss Modelling Framework (LMF) and delivers a flexible, scalable and secure shared cat risk modelling service. Designed to be highly accessible and to easily cater for additional models, the platform makes it simpler for (re)insurance companies to adopt to new models. By creating a marketplace where vendors can make their models available via a single user interface, the platform lowers the barriers to entry in the cat model marketplace and encourages the development of new and improved cat risk models.
Oasis LMF (a not-for-profit organisation) was developed to encourage openness and transparency in model development and create a community that increases the quality and supply of cat models. Collaboration is a key component of the Oasis community where members can actively work with cat model vendors and other market participants to improve the way models are developed. By operating on Oasis LMF, ModEx unifies cat modelling standards, adding transparency to cat modelling globally.
In summary, there is an appetite in the Nordic region for further cat modelling capability and a more diverse portfolio of models.
Whether this comes from development of models from commercial providers, or in-house models in collaboration with academia, Oasis provides the loss modelling framework and Boat Oasis facilitates model deployment and integration with other insurance applications across the region.
Oasis Loss Modelling Framework Ltd, 2017, http://www.oasislmf.org/the-framework/framework-components/
Accenture’s Technology Vision Research, 2017 http://ins.accenture.com/rs/897-EWH-515/images/Accenture-Technology-Vision-for-Insurance-2017-Full-Report-POV.pdf
Using insurance claims data to strengthen municipalities’ efforts to prevent climate-related natural hazards, Mia Ebeltoft, Finance Norway, 10 July 2017 http://drmkc.jrc.ec.europa.eu/overview/Documents#documents/433/details/6951/using-insurance-claims-data-to-strengthen-municipalities-efforts-to-prevent-climate-related-natural-hazards
Boat Oasis is the Multi-Peril Catastrophe Risk Modelling Platform for the (re)insurance industry, delivered by Boat Services, operating on the Oasis Loss Modelling Framework (LMF). Boat Oasis delivers a flexible, scalable and secure shared service offering via a hosted and fully managed environment.