Zurich-based catastrophe insurance data provider, PERILS and the Oasis Loss Modelling Framework (Oasis) have announced that the PERILS Industry Exposure Database (IED) is now available in the Open Exposure Data (OED) format.
OED is a part of the Open Data Standards (ODS) initiative, which is managed by Oasis on behalf of the re/insurance industry.
Oasis is an insurance industry-led, not-for-profit company that provides an open-source platform that is used for developing, deploying and executing catastrophe models.
All models on the platform use the OED standard which has been developed to improve the efficiency of accessing, modelling and transferring insurance exposure data.
In addition, the PERILS IED provides market-level sums insured and coverage conditions data which is based on data
collected directly from insurance companies writing business in territories covered by PERILS.
The data is available for many different countries, including Australia, Austria, Belgium, Canada, Denmark, France, Germany, Indonesia, Ireland, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, the Philippines, Sweden, Switzerland, Thailand, Turkey, and the United Kingdom.
It has also been confirmed that access to the PERILS IEDs in OED format is available upon request to PERILS.
Luzi Hitz, CEO of PERILS, said: “We are very pleased to be part of this initiative. Since PERILS was formed, its mission has been to increase the availability of industry exposure data to enable a better understanding of catastrophe risks. Providing our industry exposure data in OED format is therefore a natural progression for us and one we believe will benefit our clients and the industry. Improving efficiencies in catastrophe risk assessment through an open data standard such as the OED is an important development and will help to drive greater market efficiency.”
Dickie Whitaker, Chief Executive of Oasis, added: “PERILS’ decision to make its IED available in the Open Exposure Data format supports the increasing adoption of Open Data Standards by the insurance market. The availability of the data in this format provides greater choice to users and offers a more sustainable approach, as it is open, industry owned and managed. We see this as a good fit with PERILS’ ethos and goals.”
In other related news, PERILS recently increased its industry loss estimate for the floods in the Emilia-Romagna region of Italy during May to €488 million.
At the same time, PERILS also recently released its third insured loss estimate for Cyclone Gabrielle, which impacted the North Island of New Zealand in February, pegging the total at NZ $2.018 billion.
