Re/insurance service provider Xceedance has teamed up with the Oasis Loss Modelling Framework (Oasis LMF) to offer on-demand exposure analysis and results for three key US catastrophe perils.
In partnership with model providers CoreLogic, Fathom, and Applied Research Associates (ARA), the Xceedance-Oasis LMF services provide loss metrics for US earthquake, flood, and hurricane perils.
Insurance organizations will send in their raw exposure data to Xceedance-Oasis LMF On-Demand Catastrophe Modelling Services and receive a report containing all model assumptions and essential loss metrics for their account or portfolio.
“Re/insurers and brokers can access loss results from three highly regarded catastrophe modelling providers for the key drivers of risk and loss in the United States,” said Manish Khetan, COO of North America Operations at Xceedance.
“The services are designed so insurance organizations don’t need to spend time and resources on modelling or invest in infrastructure,” Khetan continued.
“Now, re/insurers can get an alternate view of primary U.S. catastrophe perils, in addition to their existing models. Or, they can get a first view of those perils if they don’t have in-house modelling platforms.”
The CoreLogic US earthquake model was one of the first models in the market to implement the 2014 USGS and UCERF3 hazard data, explicitly model damage due to liquefaction and earthquake-induced landslide, and include sophisticated modelling of deep sedimentary basins in California and Washington.
In addition, it is used by the California Earthquake Authority (CEA), which operates under a law that mandates strict standards for rate-setting science.
The Fathom US flood model, meanwhile, is the first to provide climate change scenarios for 2020 and 2050, including data based on research at MIT to predict changing hurricane behaviour.
It has coverage of every watercourse and the entire US coastline, and is systematically validated against FEMA, IOWA Flood Center models, and NFIP claims data.
Finally, the Applied Research Associates (ARA) HurLoss US hurricane model has been the basis for structural design in hurricane-prone states since 1998 and accepted for use in Florida since 2000.