Best catastrophe risk modelling solution: Oasis LMF
Disruption is a much-discussed term in the re/insurance industry, but in reality examples are few.
The Oasis Loss Modelling Framework (Oasis LMF), however, can be classed as a disruptor for how it has opened the world of catastrophe modelling, since the not-for-profit company was founded in 2012.
It is collectively owned by close to 40 of the world's leading insurers, reinsurers, brokers and financial institutions.
Together, with an associated membership of almost 100 companies and academics, Oasis LMF forms a widespread community of organisations dedicated to improving exposure management and catastrophe risk modelling.
The judges praised Oasis LMF for providing an open source platform for developing, deploying and executing catastrophe models.
It uses a full simulation engine and makes no restriction on the modelling approach. Furthermore, the software is downloadable for free.
A milestone for the company came in June 2018 when it announced a major project funded by the International Climate Initiative of the German Federal Ministry for the environment, nature conservation and nuclear safety.
The judges commended that the two-year project will bring a wealth of insight and global standards around catastrophe modelling to decision-makers within the Philippines and Bangladesh.