With one judge calling it a stand-out entry and the potential to be a game changer, Oasis Loss Modelling Framework receives the award for catastrophe risk modelling solution of the year.
The Oasis Loss Modelling Framework provides an open source platform for developing, deploying and executing catastrophe models. It uses a full simulation engine and makes no restrictions on the modelling approach. Models are packaged in a standard format and the components can be from any source, such as model vendors, academic and research groups.
The platform also provides a new scalable architecture that distributes computational resources to ensure efficient and effective model execution for single risks, or portfolios of millions.
Because Oasis is open source, the platform can be used as a plug-and-play framework where the hazards and vulnerability components can be easily edited, making the models and framework open and transparent.
What makes the model unique is it is "completely model agnostic", says Matt Donovan, head of community engagement at Oasis.
"It can accommodate any model from any provider, so there can be multiple views of risk on one platform, significantly reducing costs and necessary resources," Donovan explains.
He adds: "This provides huge amounts of choice for the cat modelling community and reduces the barriers to market for those model providers, such as academics, who can focus on the latest science while utilising the independent Oasis financial module".
As a not-for-profit owned by its members, the development of the platform is driven by its community of users.
Catastrophe risk modelling solution of the year: Oasis Loss Modelling FrameworkDonovan says the next phase of development will "involve building an efficient engine for accessing data in and around Oasis models. This will add even more transparency to the exposure, results and models in Oasis for end users, as well as allowing for better performance in the analyses themselves".