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 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.
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.”