The Insurance Development Forum (IDF) Risk Modelling Steering Group (RMSG) has launched a new IDF web page that houses a suite of free, open access risk modelling tools for climate and disaster risk analysis.
IDF stated: “Designed to advance climate and disaster risk understanding and quantification of disaster risk globally, open access to these tools responds to the needs expressed by private sector and vulnerable nations alike, for greater open access to risk information.
“Greater risk understanding enables nations to better manage their risks and make more informed decisions to prioritize risk management measures, which in turn facilitates the flow of investment where it is needed most, fueling progress to more stable economies.”
The IDF RMSG has also put together a collection of Parametric Insurance Case Studies that demonstrate how parametric solutions can be used in areas that are susceptible to climate and other disaster risks.
These examples show how creative insurance models can safeguard infrastructure, financial systems, and communities. These range from protecting hydropower from drought in South Africa to delivering quick disaster relief for the Mesoamerican Reef.
IDF insurance industry members AIG, Aon, AXA, Convex Insurance, Guy Carpenter, Howden, RenaissanceRe, SCOR and WTW participated in the funding of the development of these tools.
IDF also collaborated with Oasis and Maximum Information to develop several of the tools.
“This launch is proof of the power of collaboration among IDF partners across the public and private sectors, including major (re)insurers, modelling firms, development banks, and global risk initiatives,” the organisation stated.
The tools are freely available through the IDF RMSG and will be used in risk analytics capability development, via the IDF-spearheaded Global Risk Modelling Alliance (GRMA) and other initiatives.
Tools like the Oasis Risk Explorer, which guides parametric insurance design for flood and drought will be accessible through the website. Other tools include Global Exposure Model, which provides dynamic global building data and CatRiskTools, a catalogue of country-peril models.
For enhanced decision-making, Oasis Scenario Modelling and Benefit-Cost Assessment workflows will help evaluate resilience investments and the Risk Pooling Tool illustrates the benefits of multi-risk pooling.
The page also features the Open Access Model Library, a repository of open-source models, and the Resilient Planet Data Hub, a global open-data portal, and the Open Data Transformation Framework, which enables seamless data analysis across platforms.
Jeff Manson, Member of IDF Operating Committee and Co-Chair of the IDF Risk Modelling Steering Group; Senior Vice President, Underwriting, Head of Global Public Sector Partnership, RenaissanceRe, said: “The launch of these tools, which are founded on re/insurance expertise, marks a major milestone in the Insurance Development Forum’s commitment to making high-quality risk analytics and data accessible to all.
“By ensuring these capabilities are open and freely available, we lower the financial barrier to entry and enable governments, businesses, and communities to better understand and manage their risks, ultimately leading to more resilient societies. The addition of parametric insurance case studies demonstrates how risk understanding translates into real-world solutions, helping to build financial resilience for vulnerable communities and accelerate disaster recovery.”
He concluded: “This is the culmination of collaborative efforts across public and private sector members of the IDF and we look forward to continued progress in closing the risk knowledge gap.”
