Oasis Loss Modelling Framework (Oasis LMF) is to develop a new open-access catastrophe model for flood in the Philippines in collaboration with the National Reinsurance Corporation of the Philippines (Nat Re) and re/insurance broker Willis Towers Watson (WTW).
The two-year project, called the ‘Oasis Platform for Catastrophe and Climate Change Risk Assessment and Adaptation Plan in the Philippines’ or the Oasis Project, will be housed in the open-source catastrophe modelling platform Oasis.
It aims to provide flood insights to stakeholders such as re/insurers, the government, academe, and the non-profit sector and support them in building more flood and disaster resilient communities in the Philippines through risk transfer mechanisms and risk reduction strategies.
The model will also be developed with assistance from UP Disaster Risk and Exposure Assessment for Mitigation (UP-DREAM) and the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA).
It is funded by the International Climate Initiative (IKI) of the German Federal Ministry for the Environment, Nature Conservation and Nuclear Safety (BMU).
“The understanding of risks and its consequences is a fundamental requirement in creating a sustainable society. Barriers to entry and opaque global standards have denied this knowledge too often,” said Dickie Whitaker, Chief Executive Officer (CEO) of Oasis LMF.
“This is now changing,” he explained. “This project uses the best local and global experts to deliver knowledge on flood risk to the people of the Philippines. We at Oasis are privileged to play a small role in bringing the government, science, and the insurance industry together to make this a practical, sustainable solution.”
“It is an honor to be a part of this pioneering project as it is the first of its kind for developing nations,” added Allan Santos, CEO and President of Nat Re.
“In the end, the catastrophe model that we’ll build and the capabilities that we’ll develop will be more than just new tools to augment our decision-making and risk management processes, as they will serve as tangible proof of what the government and the private sectors – particularly the insurance industry – can achieve together,” Santos said.