The not-for-profit catastrophe modelling platform Oasis Loss Modelling Framework has announced the launch of its new Open Exposure Data (OED) standard for cyber.
The standards have been developed by the market to provide a transparent and free schema to encourage consistency and efficiency in the capture and transfer of cyber exposure data, Oasis explained.
Continuing from the release of the Oasis OED for liability in April 2022, the focus of OED continues to shift its focus from solely catering for property catastrophe business and its adoption in the market has increased significantly in the last 12 months.
This OED standard was developed during 2022 by a working group consisting of Aon, Allianz, Axis Capital, CyberAcuView, Gallagher Re, Guidewire, Guy Carpenter, KOVRR, Moody’s RMS, Renaissance Re, Sompo International, Swiss Re and Zurich.
“This truly is a collaborative effort, utilising the vast expertise across these companies to ensure that this standard really was developed ‘by the market for the market’ and highlighting the power of collaboration,” said Dickie Whitaker, Chief Executive of Oasis Loss Modelling Framework.
Christopher Meier from the Cyber Center of Competence at Swiss Re also commented: “We are confident that the OED Cyber Standard will bring enhanced consistency and transparency to Cyber data, and thus contribute to a reliable and growing Cyber market. We at Swiss Re are delighted to support it.”
Simon Heather, Head of Cyber Catastrophe Modelling at Gallagher Re, agreed that the standards would “raise the quality and transparency of data across both markets. which in turn can lead to the unlocking of additional capital.”
“Gallagher Re supports the launch of the OED as it will provide a baseline for any company collecting cyber modelling data, bringing consistency to the transfer of information between the insurers and reinsurers,” he said.
Peter Zimmerli, Cyber Risk Manager at Axis Capital, further stated: “One of the fundamental issues we continue to face in cyber reinsurance is getting a good grip on the scope of insured cyber risk. The ODS Cyber standard is a tremendous step forward to standardise minimum industry expectations and to facilitate discussions on what cyber exposure data should ultimately look like.”
“The Cyber OED is a great step in developing the Cyber (Re)insurance industry,” added Matt Harrison, Director for Product Management at Moody’s RMS.
“Cyber modelling is still in its formative youth, therefore now is the perfect time to embed an open standard throughout the value chain and ensure that we reduce frictional costs. Furthermore, as a modeller, if data standards are unified, everyone has more clarity on what data fields can be captured, what is useful and what brings utility to the insights we deliver.”
