Oasis, Lloyd’s and the Lloyd’s Market Association (LMA) have announced a new catastrophe risk model sharing deal bringing new models online to Oasis’s open source platform.
ARA’s Hurloss model for US hurricane risk, plus a Middle East earthquake model, will be made available on Oasis for Lloyd’s managing agents.
The “groundbreaking” hosting deal would be on a shared services basis, said the LMA, and provided by technologists Cinnober, Equinix and Datapipe.
Ten managing agents supporting the deal include: Ascot, Beazley, Barbican, Chubb, RenaissanceRe, Tokio Marine Kiln, Scor’s Channel business at Lloyd’s, Starstone, Sompo Canopius and XL Catlin.
Other managing agents may participate in future arrangements for cat risk modelling on the Oasis platform, said the LMA, likewise on a shared services basis.
“I am delighted that Lloyd’s and the LMA have found a shared services solution for the Lloyd’s market in this way – I hope this is the beginning of a vibrant marketplace for models – available through the Oasis platform,” said Trevor Maynard, Lloyd’s head of exposure management and co-chairman of Oasis.
Neil Maidment, LMA chairman and Beazley’s chief underwriting officer, said: “The LMA has been fully involved in this initiative throughout the past two years and together with its members, has worked closely with Lloyd's and Oasis, from concept through to final delivery.
Dickie Whitaker, CEO of Oasis (pictured), said: “Leaders in the catastrophe modelling field are realising the value of the new, extensible, scalable Oasis Platform and deploying high quality models. This opportunity realises a new range of cost effective transparent models coming to market.”
The next steps for Oasis include extending its platform and models to the global insurance market, to achieve a clearer understanding of risk especially in developing countries vulnerable to climate change.
In July Reactions reported that Oasis had received new backing for its research on catastrophe risk exposure in developing countries and its linkage with climate change.