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Open-source catastrophe modeling platform launched

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LONDON — Oasis Loss Modelling Framework Ltd., a platform owned by 21 international insurers and reinsurers, on Tuesday launched an open-source catastrophe modeling framework in London.

The framework is open to any party, whether commercial or academic, interested in creating new catastrophe risk models, said Dickie Whitaker, project director for the framework. It enables users to access a variety of models and gives model developers a platform to disseminate their models to a wider audience, he said.

While it is a nonprofit platform, model developers will be able to charge fees for the development and use of models, Mr. Whitaker said.

While the platform likely will be used by insurers, reinsurers and brokerages, it also would be available for use by corporate insurance buyers, he said.

The platform will enable insurers, reinsurers and other users to better understand the uncertainties surrounding some of their modeled risks, gain a better insight into their risks and compare models, said Trevor Maynard, head of exposure management and reinsurance at Lloyd's of London, one of the backers of the platform.

Currently several commercial catastrophe models are available on the platform, said Mr. Whitaker, including models for flood in the United Kingdom and Australia, and earthquake in the United States, North Africa and the Middle East.

Models in development that are expected to be released on the platform in the coming months include Thai flood, U.S. flood and U.S. earthquake, he added.