Reinsurance News

Oasis Loss Modelling Framework offered open source and free of charge

23rd July 2018 - Author: Charlie Wood

The not-for-profit catastrophe modelling platform Oasis Loss Modelling Framework has made its software open source and downloadable from GitHub free of charge.

Oasis Flood ModellingOasis says the modelling system has been made more accessible in an effort to increase the resources available to strengthen resilience to natural disasters.

Robert Bentley, President, Global Strategic Advisory at Guy Carpenter & Company, that deploys Oasis’ framework in its business, said, “We welcome this milestone for Oasis and the business impact it will deliver for Guy Carpenter and our clients.”

“It is important that we lower the barriers to entry and increase flexibility in understanding and managing risk. This achievement advances the industry’s capabilities on both fronts.”

Oasis’ open source platform for developing, deploying and executing catastrophe models uses a full simulation engine and makes no restrictions on the modelling approach.

Gallagher Re

Models are packaged in a standard format and the components can be from any source, such as model vendors, academic and research groups.

“With our sophisticated software now open source, we are poised to be able to support the market need for greater interoperability and flexibility,” explained Oasis Chief Technology Officer Mark Pinkerton.

“By creating a catastrophe modelling platform that is free to use by anyone, we are supporting the growth of a community that seeks to unlock and change the world around catastrophe modelling to better understand risk in insurance and beyond.”

Oasis Chief Executive Officer, Dickie Whitaker, added, “This open source milestone achieves the vision of providing a technically advanced, adaptable and sustainable suite of software for use by the re/insurance market, government agencies, urban planners, academics and decision makers from many other fields, at significantly reduced cost.”

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
Every $1 spent on hurricane protection saves $105: FM Global

Commercial and industrial property insurer FM Global has calculated that for every $1 spent on hurricane protection, businesses reduce loss...