Open-source catastrophe modelling platform Oasis Loss Modelling Framework (Oasis), is pleased to announce the release of the Open Exposure Data (OED) standard for cyber. Continuing from the release of the OED for liability in April 2022, the focus of OED continues to shift its focus from solely catering for property catastrophe business and its adoption in the market has increased significantly in the last 12 months.
ODS is designed to assist with solving the significant interoperability problems currently challenging the cat modelling community by implementing open and agnostic data formats to increase efficiency and transparency. Improving efficiency of data transfer is key for the market to reduce costs.
This OED standard was developed during 2022 by a working group consisting of several companies, including Aon, Allianz, Guy Carpenter, KOVRR, Zurich, Gallagher Re and more.
Dickie Whitaker, Chief Executive, Oasis Loss Modelling Framework, said:
“This truly is a collaborative effort, utilising the vast expertise across these companies to ensure that this standard really was developed ‘by the market for the market’ and highlighting the power of collaboration.
All in all, this reflects the ODS Mission Statement whereby the “ODS should be the standard used for exposure data, result outputs and contract(s) terminology for the (Re)Insurance industry and other interested parties in catastrophe modelling and exposure management across all classes of business.”
Peter Dyson – Head of Analytics, KOVRR, said:
“It’s very exciting to see the release of the cyber open data standard, which will help to gain consistency and efficiency between model vendors and insurance companies. It’s been a wonderful experience to be a part of this project with a number of cyber experts working together in an open and collaborative project. Kovrr is proud to have been able to contribute its knowledge around cyber risk modeling to help shape a core aspect of the cyber insurance industry and make cyber risk quantification more attainable for all.”
Peter Zimmerli – Cyber Risk Manager, Axis Capital, said:
“One of the fundamental issues we continue to face in cyber reinsurance is getting a good grip on the scope of insured cyber risk. The ODS Cyber standard is a tremendous step forward to standardise minimum industry expectations and to facilitate discussions on what cyber exposure data should ultimately look like.”
Scott Hammesfahr – Analytics Key Initiatives, Guidewire, said:
“Varying exposure reporting structures pose a challenge to cyber insurance risk aggregation modelling and transfer. Guidewire was pleased to support the development of the Oasis OED Cyber Standard v1 to help address this challenge by helping simplify and standardise these critical elements to support our clients and the cyber insurance industries’ capital and growth needs.”
Christopher Meier – Cyber Center of Competence, Swiss Re, said:
“We are confident that the OED Cyber Standard will bring enhanced consistency and transparency to Cyber data, and thus contribute to a reliable and growing Cyber market. We at Swiss Re are delighted to support it.”
Be the first to comment