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Summary

Driving innovation together

Developing "your own view of risk" is a common mandate for natural catastrophe modelling teams and experts around the world. In the past, they used validation and adjustment of third party models to achieve their "own view"; only a few companies like Swiss Re built proprietary models. The Oasis Loss Modelling Framework (Oasis LMF) facilitates model building and adds transparency for model validation.

At the third annual Oasis conference, hosted by Swiss Re Institute and Swiss Re's Cat Perils team, participants learned that Oasis is a powerful framework to build a cost efficient "view of risk" by building proprietary models or by accessing multiple models from various providers via the marketplace of cat models from Oasis.

Today, the Oasis framework is widely used for probabilistic natural catastrophe modelling and provides an alternative to traditional model vendor solutions.

"Rising cost pressures in the insurance industry are boosting the willingness to join forces to reach common goals in model validation, increased model transparency, and interoperability of cat models, which companies used to address independently in the past," Beat Aeberhardt, Swiss Re's Head R&D Cat Perils, said during his introduction.

"Oasis brings together the three key elements of readiness: open source software, a marketplace of models and a community," said Oasis CEO Dickie Whitaker. "Taken together, they give the insurance industry and its R&D partners the means to stay on top of latest developments in risk modelling and tackle the challenges we all face."