ODS gears up for v3.0.0 and the first Cyber Data Standard
Mission Statement:
ODS should be the standard used for exposure data, result outputs and contract(s) terminology for the (Re)Insurance industry and other interested parties in catastrophe modelling and exposure management across all classes of business.
The ‘release candidate’ (pre-release) of ODS v3.0.0 has been available since early September and all updates can be found here.
The OED v3.0.0 data specification can be found here.
In agreement with the ODS governance process, a three-month notice period is provided to the community for any UAT required for a major ODS release and change to the data schema. Following agreement and signoff by the steering committee, the full release of v3.0.0 will be mid-December 2022.
Most updates for v3.0.0. are the expansion of OED to support more public sector and humanitarian use cases. There will be new fields to capture demographic data, in addition to numerous new occupancy and construction codes for infrastructure, transport, and agriculture. A full summary document can be found here.
ODS Cyber
Oasis LMF have chaired a working group of industry practitioners in this space who have collaborated throughout 2022 to develop the first data standard for cyber. The first version is due to be released in January 2023 with a virtual launch event, details TBC.
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ODS Liability
Following its release in April 2022, the market interest in this liability standard continues to grow. The data schema can be found here.
We encourage any feedback to develop this.
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ODS Mailing List
Keep updated with everything ODS by joining the mailing list to receive notifications. Send your request to info@oasislmf.org.
Oasis Conference 2022
Thank you again for attending the Oasis Conference 2022, in collaboration with the Swiss Re Institute, on the 28th of September in Rueschlikon or virtually.
The recording of the event is now available on the Oasis YouTube channel where you can find additional links to Oasis’ related topics and the wider community.
We appreciate your support and look forward to seeing you at our next event.
Stay tuned!
The Democratisation of Cat Models - Webinar
Join the EPICentre UCL, in association with Oasis LMF, on 'The Democratisation of Cat Models'.
27. October 2022 | 2pm BST
This webinar will cover the following topics:
- The basics of cat models and how they are built
- The outputs of cat models and their application
- The role of standards
- The goals of the Insurance Development Forum (IDF) and links with Oasis
For more information and to register, follow the link here.
InsTech London Event
InsTech in London: Tropical Cyclone - Managing Tomorrow's Climate Risk Today
01. November 2022 | 4:30 pm BST
Recent events have proved the growing impact of climate change on extreme weather, and there is in addition an increased focus at Board level on the environmental element of ESG.
As a result of this, insurers and the wider financial services industry have a greater need than ever to understand the combined risk of floods and hurricanes, and how the intensity of both will change and correlate in years to come.
For more information and to register, follow the link here.
Partner News
COMBUS has recently released a new Version 4.9.3 incorporating a specific allowance for the superimposed inflation experienced on Australian claims into our natural perils models.
The new version also takes advantage of the extensive enhancement of our historic calibration dataset and our models match to actual industry losses when run against our new Industry Exposure Database.
This release includes a revision to the Oasis Occurrence files incorporating an ordered approach to the spectrum of weather risk patterns from El Niño through to La Niña phases, allowing for comparisons to be made of relative risk in financial analyses using the Oasis results.
The new models complement our suite of existing Aggregate Loss Models for Australia, covering Bushfire, Severe Convective Storm, Low Pressure Systems, Tropical Cyclone and Earthquake.
The COMBUS Low Pressure Systems model is unique in Australia. It consists of five different types of weather systems - East Coast Low, Low Pressure Trough, Westerly Trough, Monsoonal Low and Southern Ocean Low - quantifying the generally non-modelled peril that has caused billions of dollars of loss this year.
Finally, we are continuing our work on our new Detailed Loss Modelling systems to cover all of the above perils at high resolution.
Fathom-Global 3.0
Understand present-day and future flood hazards with Fathom-Global 3.0, launching later this month. New features include future climate states, coastal perils and 30-meter resolution. Sign up to the launch webinar.
New Research: Scientists call for fundamental improvements in climate change modelling
Recently, nine leading climate scientists published a call to arms for investing in and developing the next generation of climate models. Defined as ‘Kilometre-scale’ models, this technology will answer fundamental questions about the future of water and advance our ability to predict and measure the scale of climate risk. Access the research.
LMA webinar available on-demand
Impacts of Climate Change: Future and current methods of modelling. Request a recording here.
- To help re/insurers manage their terrorism exposures, Aon’s Impact Forecasting Manhattan blast model has become the first high resolution terrorism risk model available in Oasis-based systems including ELEMENTS, Oasis LMF and Nasdaq’s NRMC. The tool uses Computational Fluid Dynamics to model blast waves and possible impacts to better inform property and workers’ compensation risk management
- ELEMENTS 16 is now launched featuring support for the Oasis engine and OED occupancy/construction modifiers. Impact Forecasting is working on integrating support for Open Results Data (ORD) into ELEMENTS. Please contact us for a demo or trial of ELEMENTS in the cloud.
Good to meet colleagues at the great event in Zurich on the 28th of September to talk to participants about JBA’s global flood modelling capability, which has proved to be an invaluable resource, covering gaps in coverage and giving quantified flood risk intelligence for previously unmodelled, flood-prone areas at any location worldwide.
Supported by the same flexible technology, JBA is now set to offer climate change flood risk insight - giving a clear indication of the baseline and future flood risk for every country in the world.
Contact the JBA team to learn more or visit our stand at the Singapore Reinsurance Association Conference (SIRC), 31st Oct -3 Nov.
The Risk Explorer Tool
The Oasis Risk Explorer tool is an educational disaster risk pricing tool that can help educate non-specialists on catastrophe risk analytics and management. The Risk Explorer complements the existing suite of Oasis LMF catastrophe models.
Extensive user guidance helps users learn through doing, as they step through the process of defining an exposure area of interest, selecting historical or stochastic cyclone hazard data, and combining that data with their definition of loss payout thresholds. Results exhibits will help users understand the estimated frequency and severity of loss to their exposure, and provide opportunities for learning about the influence of different assumptions and data sources used.
The user guide is now available here and the newly released tool can be accessed here.
GEM's China Earthquake Loss Model
The GEM China earthquake loss model, released in April 2022, was developed using public sources of information, and through extensive collaboration with its private and public partners to test and validate the model against industry standards, using 11 historical events to assess ground-up losses, thus producing a reliable version of GEM’s view of risk for China.
The hazard component incorporates both faults and area sources, where earthquake occurrence on active faults is driven by a new tectonic block model derived from the joint inversion of geodetic and geologic data.
The risk model provides estimates of risk for residential, commercial and industrial buildings using GEM’s vulnerability models, appropriate to Chinese construction practice and occupancy types.GEM has also developed an exposure model at the township level, which can be used to estimate total losses to the building stock, in addition to portfolio losses.
“GEM's China Earthquake Loss Model has met the highest insurance industry standards required for all catastrophe risk management processes. The model validation process involving GEM partners and catastrophe modelling experts from Hannover Re, Swiss Re, Guy Carpenter, Partner Re and the Institute of Catastrophe Risk Management - NTU Singapore is a testament to GEM’s open, transparent and collaborative approach to earthquake risk modelling.” - Joerg Steffensen, GEM Governing Board Chair and General Manager for the Risk Management Modelling team at Hannover Re.
License Information and How to Access
Available via:
Nasdaq Risk Modelling for Catastrophes and Verisk Touchstone.
GEM earthquake financial loss models are also available for S. Africa and Colombia.
Please Contact GEM at product@globalquakemodel.org to request fee-free licenses for public-good, non-commercial applications.
