AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics, has published its Catastrophe Exposure Data Exchange (CEDETM) database schema publicly.
AIR says the release will facilitate accurate and transparent data exchange throughout the insurance value chain more efficiently, and encourage more analytics on a greater number of exposures.
“The (re)insurance industry is striving to introduce more efficiency into their catastrophe modeling workflows, and one way we can help is to facilitate transparency by providing a truly open and public exposure data schema,” said Bill Churney, President of AIR Worldwide.
“This is a schema that is familiar to the market; it has been used by our clients for more than two decades and does not require anyone to adapt to a new standard,” he continued.
“With this truly open schema and a robust set of APIs, we are pleased to offer the market a solution they can use to streamline their modeling workflows immediately.”
Bill Pieroni, CEO of ACORD, also commented on the announcement: “Across the insurance industry, as less time is spent converting formats or ensuring consistency among data sets, stakeholders will have more time to focus on improving the quality of their underlying data and making better risk management decisions.”
“We applaud the release of AIR`s exposure data schema as part of a broader industry call for open and transparent data formats, and we`re pleased to be working alongside the premier organization facilitating the exchange of global exposure data,” he added.
Churney further stated: “Open data standards remove unnecessary barriers and facilitate both the understanding of catastrophe risk and the robustness of model results.
“Making CEDE publicly available offers companies the opportunity to transfer risk more efficiently and to a wider audience. New entrants into the catastrophe modeling space can adopt CEDE to increase usability and achieve faster go-to-market speeds.”
