Catastrophe modelling firm AIR Worldwide has made its Catastrophe Exposure Data Exchange (CEDE) database model available to insurers.
CEDE is the open database standard developed by AIR to facilitate data exchange and to encourage model development.
AIR has been a part of open standards for a long time and in 1993 developed UNICEDE, a globally accepted industry data format to standardise insurance data exchange.
Sean Ringsted, chief risk officer at Chubb said: “We applaud AIR’s decision to make CEDE an open standard and for their support of efforts to encourage open and transparent data standards in the insurance industry.
“Efficiency is critical in a competitive marketplace, and an open standard reduces friction, facilitates the transfer of data with our trading partners and encourages the use of analytics for all parties involved; ultimately improving service to our customers.”
Bill Churney, president of Verisk’s AIR Worldwide said: “AIR’s exposure data schema is part of a broader industry call for open and transparent data formats, and we are proud to be a part of the solution by offering an open data standard. Having an open data standard will allow the industry to adopt this common data format and more easily transfer exposure data across the insurance value chain.”
Ian Branagan, EVP group chief risk officer at RenaissanceRe added: “RenaissanceRe has been a strong supporter of increasing access to exposure data to build a more risk-resilient world. We recognise AIR’s commitment to open data standards over the past three decades and we welcome this further evolution in their ongoing efforts to make data transfer as seamless as possible.
“As the digital needs of the market evolve, there is a recognition across the industry that data standards benefit everyone and open source approaches such as AIR’s help facilitate richer business interactions.”