Welcome
October 2024
Welcome to our newsletter for October. We hope you had a nice summer and are now settled back into the final and expectedly busy quarter of 2024.
As you will see from this newsletter, we have many events coming up where we will be collaborating with multiple partners to bring more insight and better events to the cat risk space. Get these dates in your diaries for what will be a very exciting and packed start to 2025.
As always, we encourage your engagement, so please get in touch with any feedback or questions.
Fathom Release Their New Global Flood Cat Model
Fathom, a leading flood risk intelligence firm, has launched its new catastrophe model, Global Flood Cat. Calibrated and tested by world-class partners, this model offers a complete and customisable flood-related financial loss tool for all flood perils; rainfall, river and coastal.
Following large-scale flood events driving USD $14bn of insured natural catastrophe losses in 2023 (Swiss Re Institute), Fathom explain that Global Flood Cat can enhance insurers’ view of risk by ‘filling flood gaps’ and providing an alternative view of risk. This new model will enable greater accumulation management, planning and premium setting and is a key resource for those looking to make informed decisions.
Fathom explain the key features of Global Flood Cat are:
- Comprehensive multi-peril coverage: The first model of its kind to calculate the financial risk for all major flood perils: fluvial (river), pluvial (rainfall) and coastal flooding.
- Customisable toolkit: Provides a variety of user-specified functions, from adjustable vulnerability and hazard scaling to bespoke first-floor elevation and local defense specification.
- Advanced uncertainty representation: Offers comprehensive damage uncertainty, including zero and total loss scenarios, with spatial correlation in uncertainty. A granular Monte Carlo loss simulation ensures correct propagation of uncertainty into output metrics, resulting in a more accurate quantification of risk.
- Best in class components: Built on Fathom’s award-winning product suite, which has been extensively validated and subject to open-source peer review in world-leading journals.
- Global exposure data: Fathom has produced a global exposure dataset for commercial, industrial and residential buildings, enabling comprehensive model calibration and disaggregation appropriate for the main types of building stock.
For underwriters, exposure and accumulation managers, capital teams, actuaries, pricing teams and investors, the Global Flood Cat model represents the next step in advanced risk management practices.
For those looking to significantly improve their view of flood risk, Fathom’s Global Flood Cat is fully Oasis-enabled and available via Nasdaq's Risk Modelling for Catastrophes (NRMC) platform and Moodys’ Intelligent Risk Platform (IRP).
For more information go to: https://www.fathom.global/
Reask to Make Tropical Cyclone Models Available on the Oasis Platform
Reask, a technology company founded in 2018 by a group of insurance industry catastrophe modelling experts, are beginning the development of a suite of tropical cyclone models on the Oasis Platform.
Reask have developed a global framework for building probabilistic hazard models using global climate models and machine learning and are now aiming to expand their offering to incorporate loss modelling.
Reask co-founder and Head of Catastrophe Model Products, Nick Hassam will lead the development and delivery efforts, and believes there is great opportunity to deliver unique solutions.
Nick says: "Our globally consistent hazard ensures that the quality of our model is constant no matter where in the world we focus, enabling us to deliver correlated, climate-conditioned catastrophe models for now and the future. In conjunction with industry partners, we will address the needs of all markets, established and emerging."
For more details visit reask.earth or email contact@reask.earth
Oasis Insight Conference
LONDON 2025
30th April - 1st May 2025
Glaziers Hall, London, SE1 9DD
Like previous years, Oasis has started working with a steering committee of market leaders to develop the agenda for next years Oasis insight conference in London. For the third year in succession, Oasis are collaborating with the Lloyd's Market Association (LMA) and with the help of the steering committee, the agenda will once again be packed with really insightful topics that the market wants to hear about.
Possible topics in the pipeline are:
- The application of cat models in the insurance industry from an underwriters perspective.
- How climate change affects the exposure and vulnerability as well as the hazard.
- Update on the latest models and offerings in Oasis such as a global exposure model, scenario and deterministic models, open vulnerability functions and a comparison of financial modelling in the market.
- What does the C-suite need to know about exposure management?
- Latest on renewable energy and how to model it.
- Latest approaches to modelling earthquake and the affect of clustering.
- Latest academic research around the risk of Severe Convective Storm (SCS).
- Latest approaches to modelling European Windstorm (EUWS).
- Discussions on non nat cat, with focus on liability systemic risk and cyber.
- Much more to come.......
With previous testimonials from attendees stating this is "the best cat modelling conference of the year" make sure you get the dates in your diary.
Registration will open in January 2025.
Oasis Insight Conference
PARIS 2025
Dates TBC
In collaboration with SCOR
Oasis is pleased to announce that they are partnering with SCOR and co-hosting a one day conference in Paris. Details are still TBD but focus will be on the in/reinsurance market in Paris with speakers from the leading companies in the cat space.
This event will be FREE to attend and registration will open shortly.
Oasis Insight Conference
ZURICH 2025
Date TBC
In collaboration with Swiss Re
Oasis is once again proud to be partnering with Swiss Re on the Zurich instalment of their series of Oasis Insight conferences. The date is still TBC but as in previous years, it will be hosted by Swiss Re at their offices in the heart of Zurich and focussing on the European markets with exhibition stands from many Oasis modelling partners.
More details TBC very soon.
Instech's Exponential Risk London 25 Conference
4th - 5th March 2025
Oasis will be supporting the InsTech Exponential Risk 25 Conference in London on 4th-5th March 2025.
This event will cover wide and interesting topics around exposure management and cat modelling and will compliment the series of Oasis Insight events.
More details can be found here where you can also pre-order the digital brochure.
Collaborating for Impact: A Deep Dive Workshop to Explore Insurance Research Pathways
University of Leeds
26th March 2025
Following on from the event in March this year and the challenges discussed, next years event will address key issues facing the insurance sector, with a potential focus on Tropical cyclone (TC) and European Windstorms. Focus group sessions will delve deeper into these perils, concentrating on areas that the industry would like scientific research to prioritise.
This workshop aims to foster collaboration between experts from both fields, seeking innovative research to better understand and mitigate these risks. Ultimately, it will help advance research and drive impactful change within the insurance industry.
More details can be found HERE in due course and registration will open closer to the event.
This event will be FREE to attend but spaces will be limited.
10th Annual European Windstorm Workshop
University of Bern, Switzerland,
5th-7th February 2025
Another interesting workshop for your diaries.
More details HERE.
OASIS MODEL PROVIDERS AND PARTNERS
ARA | AXA | CatRisk Solutions | Columbia University | COMBUS | Concinnity Risks | CoreLogic | ERN | Fathom | Gallagher Re | GEM | Guy Carpenter | Howdens | Image Cat | Impact Forecasting | JBA Risk Management | KatRisk LLC | Nasdaq | NTU | PIK | Renew Risk | Risk Frontiers | RMSI |Swiss Re | UCL | Xceedance