Nasdaq has announced that CoreLogic is the latest catastrophe risk modeller to make its models available via ModEx, the catastrophic modelling ecosystem Nasdaq acquired in January as part of the Cinnober Technology AB deal.
CoreLogic offers more than 180 catastrophe risk models across more than 100 regions, and its U.S. earthquake model will be the first to be integrated on to the ModEx platform.
Nasdaq’s ModEx platform provides the insurance and reinsurance sector with a dynamic catastrophic modelling ecosystem, bringing together data and analysis from multiple cat models and hazard maps through a single platform.
The platform is designed to provide companies with a more efficient way to manage their catastrophe modelling requirements and, powered by the Oasis LMF, ModEx offers a hosted and fully managed catastrophe risk modelling service.
William Forde, Senior Director, Insurance & Spatial Solutions, CoreLogic, said: “CoreLogic is dedicated to the understanding of natural hazard risk and is keenly focused on delivering decision-support property data and solutions to the insurance industry.
“As the world grows increasingly risky with record-breaking losses year over year, the availability of precise, comprehensive data becomes ever more important. Joining the Nasdaq ModEx community is a perfect opportunity to extend access to our models for those who choose to consume results from OASIS rather than our own RQE® platform.”
CoreLogic’s U.S. earthquake model is based on the latest scientific consensus of quake hazard, engineering and building practices. The model provides users with a comprehensive view of the risk to help quantify the exposure to a specific building or portfolio, which helps with appropriate pricing and capital reserves.
Head of Product at ModEx, Nasdaq, Matthew Jones added: “CoreLogic represents one of the largest catastrophe risk modelling providers in the world and signing this agreement is a significant milestone in the evolution of the ModEx platform.
“We are proud to be able to offer their models to our clients through ModEx as we continue to deliver a broader choice of cat modelling services to the industry.”
Paul McKeown, SVP and Head of Marketplace Operators and New Markets at Nasdaq, commented: “ModEx will play an important part in Nasdaq’s New Markets initiative, where we are focused on extending our core competencies in markets, technology, data and analytics to other industries, including insurance, an important growing segment.
“We look forward to building and extending the ModEx business in the months ahead while collaborating with unique and innovative business partners such as CoreLogic.”
