Nasdaq has announced the launch of its upgraded catastrophe risk modelling service for the reinsurance industry.
The cloud-based solution enables insurers, reinsurers and brokers to access a range of risk models from a number of providers through a single service.
It is currently focused on natural catastrophes with models for earthquakes, hurricanes, floods, but will eventually be expanded to cover broader insurance risks.
The upgraded Nasdaq Risk Modelling service is powered by the latest version of the Oasis Loss Modelling Framework, an open source catastrophe modelling framework. It also offers a Rest API to enable fast integration with external systems.
“Nasdaq Risk Modelling is a unique SaaS offering which increases the choice of risk models for our clients and the industry, while simplifying operations as it removes the need for costly on premise installations,” said Matt Jones, Head of Catastrophe Risk Products, Nasdaq.
“By leveraging our ecosystem to access multiple models, customers can gain a broader understanding and deepen their knowledge of catastrophe risk from perils such as flood, earthquake and hurricane.”
There are currently nine risk model providers offering models through Nasdaq Risk Modelling, including JBA Risk, CoreLogic and Impact Forecasting.
“Our approach to Nasdaq Risk Modelling reflects the SaaS business model that Nasdaq is adopting across its Market Technology business,” said Paul McKeown, Senior Vice President and Head of Marketplace Operators and New Markets at Nasdaq Market Technology.
“This is an important step for our evolution in the InsurTech space. The service advances our ability to accelerate innovation in the reinsurance industry as our dynamic offering enables industry participants to easily collaborate and scale their modelling.”
