Oasis Loss Modelling Framework Offered Open Source, Free of Charge

Not-for-profit catastrophe modeling platform “Oasis Loss Modelling Framework” announced that all components of its catastrophe modeling software are now open source and downloadable from GitHub, free of charge.

This step means that Oasis is making sophisticated catastrophe modeling more accessible in support of global efforts to increase planning for and resilience to natural disasters. It provides an open source platform for developing, deploying and executing catastrophe models, using a full simulation engine and makes no restrictions on the modeling approach.

“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,” said Oasis CEO Dickie Whitaker.

“The combination of robust and flexible software with a wide range of models from every independent modeling firm globally puts Oasis in a position to provide cost-effective use of advanced catastrophe models, offering a real choice to the market,” he continued.

“With our sophisticated software now open source, we are poised to be able to support the market need for greater interoperability and flexibility,” said Oasis Chief Technology Officer Mark Pinkerton.

By creating a catastrophe modeling 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 modeling to better understand risk in insurance and beyond, and help in the global effort to increase our understanding of and ability to withstand the impact of natural catastrophes,” he added.

Guy Carpenter deploys Oasis catastrophe modeling software in its business. Robert Bentley, president, Global Strategic Advisory at Guy Carpenter & Co., 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.”

“This announcement reflects our industry’s commitment to democratizing access to credible risk models, data and tools,” said Ian Branagan, RenaissanceRe Holdings’ group chief risk officer. “Broadly accessible risk insight is key to unlocking public and private sector efforts to build resiliency in exposed communities around the globe and closing the protection gap.”

Oasis models are packaged in a standard format and the components can be from any source, such as model vendors, academic and research groups. Allowing for full integration with other systems, the platform provides the core components for executing catastrophe models at scale, and toolkits for developing, testing and deploying these models.