Oasis Loss Modelling Framework Backgroundc6993fd8-90ee-4d34-8307... · 2019-11-13 · Provide an...
Transcript of Oasis Loss Modelling Framework Backgroundc6993fd8-90ee-4d34-8307... · 2019-11-13 · Provide an...
OasisLossModellingFrameworkBackground
June2016
Agenda
• BackgroundtoOasis• OpportunitieswithOasis• Standards• InsuranceDevelopmentForum• Oasisbenefits• Questionsweneedtoaddress?
Oasismission
• Improveriskassessmentthroughbettermodels,transparency,performance,andinnovation
• Provideopensourcesoftwareandanopenframeworkformodelandsoftwaredevelopment
• EstablishacommerciallyvibrantcommunityofprovidersandusersofOasissoftware,models,data,andtools
Oasisvision• TobethemainalternativeplatformfortheInsurancesectorandthemainplatformfornon-Insurancecatastrophemodeluse.
• Tobeafocalpointforcommunityengagementandstandardsintheareaofcatastrophemodelling.
• Bybeingopenandcuratingopensourcesoftwareenablingawidecommunityofuserstoaddinnovation,richnessandscaletoourmission.
WhatisOasis?Asoftwareplatformandacommunity
• Aflexibleplugandplayframeworkandplatformwithanewfront-end
• Allowshazard,vulnerabilityanduserinterfacespecialiststoeasilyoffertheirproducts
• Givesusersthechoice ofprovider,methodofintegrationandITenvironment
• Providesfulluncertaintyinformation
• Enablesuserstochoose theirviewofrisk
OasisLMFLtdMembers– 43↑• ClimateKIC• Lloyd’s• SCOR• XLCatlin• Validus• RenRe• TigerRisk Partners• Cathedral• Novae• Zurich• Liberty• Aspen
• AonBenfield• GuyCarpenter• Willis• PartnerRe• Allianz• Axis• Amlin• Tokio MillenniumRe/Kiln• Suncorp• JLTRe• GenRe• SwissRe• Beazley
• Argo• Ark• Ascot• Barbican• Brit• Canopius• Chaucer• Hardy• MitsuiSumitomo• QBE• R&Q• WRBerkley• XL• Axa• ANV• Ace• Markel• HannoverReandmoreinthepipeline,
thoughsomearemerging…
Over100partners
OasisprojectedModelCoverage2016Over70modelsfrom12providers
OpportunitieswithOasis-Standards
• Oasiscodecreatesstandardformodelinteroperabilitythatotherscan’tmatcheithertechnicallyoroperationally
• TheWorldBankhaveendorsedtheOasisplatformforuseintheirprojects
• TheInsuranceDevelopmentForum(IDF);Risk,ModellingandMappingGrouphavesuggestedOasisforuseintheirownanalysis
• WorkingonthedevelopmentofaglobalIndustryExposuredatasettoincludeAgricultureandInfrastructure
IDF-RMMGMissionstatement• Toincreasecollaboration,efficiency,andapplicabilityinthequantification,analysis,understandingof,andcommunicationabout,naturalhazardsriskandassociateduncertainty.
• Todothisbydevelopingmodelanddatastandardsandmethodsofinteroperabilityandtoachievethisusingmethodsandpracticesthatarebroadlyapplicable,repeatable,scalable,efficientandreduceduplication.
• Ourproductmustbedirectlyapplicabletoaugmentingtheprovisionofinsuranceandinsurancestylecontingentriskcapitalsolutions.
GoalsofRMMG(keyareas)• Catalogueexistingcapabilities,data,modelsand
platformsandde-factostandards thatmightbebroughttothequestionsathandandassessanygapsandpotentialwaystofillthem.
• Reducethecurrentduplicationofeffort,inefficiency,variabilityofquality,inapplicabilityandunrepeatabilityofmanyactivitiesthatareundertaken todevelophazardandriskunderstandingcurrently.
• Developaframeworkthatthoseinvolvedmayfollowinthequantificationofhazardandriskfortheimprovementoftheresiliencyofsocietiesandeconomiestomoreefficientlyinformthedecisionprocess.
• Developstandards fordata,modelsandplatformsthatwillenablemoreefficientdevelopmentanddonorfocustowardsmoreefficientandconsistentunderstandingofrisk.
If…
Standards areadopted by users
Provide anopensource,transparent,standardizedapproach forclimatecatastrophe riskmodeling
Develop anopenaccess e-Marketplacewithmatch-makingfacilitytolinkdemand andsupply formodels
Cost ofaccessing data/modelsdecreases by50%throughincreasedcompetition &economies of scale
Commitment formore than70models from 12differentmodelproviders andconnected withusers
Then…
Morepeople can understand &buildcatriskmodels
Highercatastrophe riskinsurancepenetration
Decision-makers areempoweredtobettermanage climaterelatedrisks
FUNCTIONS/SERVICES OUTCOMES IMPACTS GOAL
Improved understanding of riskallowingimproved underwriting
Decision-makers (policy&business)use catastrophe riskmodeling tosupport adaptation planning andinvestment decisions
INCREASED RESILIENCE TOCLIMATE-RELATEDCATASTROPHES AND IMPROVEDUNDERSTANDING ANDPROFITABILITY OFRISKASSESMENT.
Insurance products offered increasesasnewterritoriesand perilsarecovered
UNDERSTANDINGTHEBENEFITSOFOASIS
Improved understanding of riskallowingmore efficient use of capitalinlightof capitalrequirements
“ThePlatform”
Build acommunity ofsuppliers andusers toserveeach othersneeds formutualbenefit
Reduce costs of usingand buildingcatastrophemodels
Oasisbenefits
Questionswewillneedtoaddress?• Howmuchstandardisation canwepracticallyhave?
• Wherecanandshouldcollaborationbeincreased?– ACORD,GEM,PERILS,Oasis,IDF?
• Whatmoreshouldwedoonvalidationandtransparencyofmodels?
• Howmanyplatformsdoweneed?• Whoownsthestandards?Howdowecreatestandards?
• Isregulationhelpingus?• Whatroledoesacademiaplaynowandinthefuture?
Contactdetails
RegisteredAddress:20-22BedfordRowLondonWC1R4JSUnitedKingdom
Email:[email protected]
Web:www.oasislmf.org
OasisLossModelling FrameworkLtd.
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