Dickie Whitaker, Chief Executive - Oasis Loss Modelling Framework
Ground-breaking not-for-profit platform lowers barriers to adoption for catastrophe modelling to support global efforts to increase resilience to natural disasters
Not-for-profit catastrophe modelling platform Oasis Loss Modelling Framework (Oasis) is delighted to announce that all components of its catastrophe modelling software are now open source and downloadable from GitHub free of charge.
This unprecedented step means Oasis is actively making sophisticated catastrophe modelling more accessible in support of global efforts to increase planning for and resilience to natural disasters.
The Oasis Loss Modelling Framework provides a truly open source platform for developing, deploying and executing catastrophe models. It uses a full simulation engine and makes no restrictions on the modelling approach.
Guy Carpenter deploys Oasis catastrophe modelling software in its business. Robert Bentley, President, Global Strategic Advisory at Guy Carpenter & Company LLC, said, "We welcome this milestone for Oasis and the business impact it will deliver for Guy Carpenter and our clients. It is important that we lower the barriers to entry and increase flexibility in understanding and managing risk. This achievement advances the industry’s capabilities on both fronts.”
And Ian Branagan, RenaissanceRe Holdings Ltd Group Chief Risk Officer, commented, “This announcement reflects our industry’s commitment to democratising access to credible risk models, data and tools. Broadly accessible risk insight is key to unlocking public and private sector efforts to build resiliency in exposed communities around the globe and closing the protection gap.”
Oasis models are packaged in a standard format and the components can be from any source, such as model vendors, academic and research groups. Allowing for full integration with other systems, the platform provides the core components for executing catastrophe models at scale, and toolkits for developing, testing and deploying these models.
Oasis Chief Technology Officer Mark Pinkerton said, “With our sophisticated software now open source, we are poised to be able to support the market need for greater interoperability and flexibility. By creating a catastrophe modelling platform that is free to use by anyone, we are supporting the growth of a community that seeks to unlock and change the world around catastrophe modelling to better understand risk in insurance and beyond, and help in the global effort to increase our understanding of and ability to withstand the impact of natural catastrophes.”
Oasis CEO Dickie Whitaker said, “This open source milestone achieves the vision of providing a technically advanced, adaptable and sustainable suite of software for use by the (re)insurance market, government agencies, urban planners, academics and decision makers from many other fields, at significantly reduced cost.
The combination of robust and flexible software with a wide range of models from every independent modelling firm globally puts Oasis in a position to provide cost-effective use of advanced catastrophe models, offering a real choice to the market. With an increasing range of companies offering flexible deployment options we are ready to help change how catastrophe models are used and who can afford to use them.”
Notes to editors
About Oasis Loss Modelling Framework
Oasis Loss Modelling Framework (Oasis LMF) is a not-for-profit company founded in 2012 to open up the world of cat modelling. It is collectively owned by close to 40 of the world’s leading insurers, reinsurers, brokers and financial institutions.
Together with an Associate Membership of almost 100 companies and academics, it forms a widespread community of organisations dedicated to improving exposure management and catastrophe risk modelling, and strengthening links between relevant work in the scientific community and business users.
Oasis provides open source software, encourages a vibrant community and stimulates innovation. Oasis software, code and full documentation is available via GitHub (https://github.com/OasisLmf), enabling active engagement with a broad community of users.
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