Simplitium, a provider of risk analysis services, has introduced a new exposure data format for catastrophe modelling called Open Exposure Data (OED).
Developed in collaboration with the insurance industry, OED delivers a robust and documented exposure framework for Oasis-based platforms and models.
The format is fully independent and model-vendor agnostic, making it easier for firms to switch between or add new models from different vendors, ultimately improving their view of risk.
Having an independent exposure data repository is a recommended strategy for re/insurers to avoid being tied-in to any one catastrophe model vendor.
“Simplitium have laid one of the foundation pieces for the next era of catastrophe modelling. If the industry can banish interoperability woes, we all stand to benefit,” said Marek Shafer, Chief Digital Officer at Canopius.
“At Canopius we see this development as an opportunity to further enrich and differentiate our view of catastrophe risk.”
Dr Matthew Jones, Head of Insurance Product Development at Simplitium, added, “The emergence of platforms and models built on the Oasis framework signalled the need for an open exposure data format which can be used by multiple vendors.”
“Proprietary data formats have long acted as barriers to changing or adding models due to the complexities around data conversion and the extent to which they are embedded within a company’s processes.”
“OED is a significant step away from model-vendor specific formats and towards the standardisation that would significantly benefit the industry.”
OED is based on AIR’s CEDE code-set and comprises four input files (account, location, reinsurance_info and reinsurance_scope) and 20+ back-end relational tables.
The open-source schema went live on September 28 and is available on GitHub.
