The foundation for transparent, interoperable catastrophe modelling.
The OED (Open Exposure Data) standard arose from the lack of an industry standard for Oasis LMF-based models and was developed in 2018. It is a model-developer-independent exposure data format spanning property, cyber and liability classes.
The ORD (Open Results Data) standard was developed as a result of a collaborative project involving Managing Agents, Brokers, (Re)Insurance companies, Risk Modelling Vendors, and Third-Party Providers during the Lloyd’s of London Cohort 3 Innovation Lab in Q’s 3/4, 2019. It is a results format designed to encompass output from any type of catastrophe model (not just Oasis models).
Both OED and ORD were intended to assist with solving interoperability problems current in the insurance market, where implementing a model-developer-independent exposure data and results repositories assists in creating more choice in the use of catastrophe models and analytical tools.A Steering Committee – formed of industry experts – curates both standards.
Open Data Standards provide a common language for catastrophe modelling that benefits the entire ecosystem.
Convert once and access 100+ models from 23+ suppliers.
Using a vendor-agnostic data standard reduces dependence on any one model or platform vendor enabling choice.
Open standards support validation, audit, and regulatory compliance.
Our mission is supported by our Members
Multiple Risk Insights
O’Donnell said that RenaissanceRe believes that; “The right way to price risk is to consider multiple views understanding the full distribution of outcomes.”
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O’Donnell said that RenaissanceRe believes that; “The right way to price risk is to consider multiple views understanding the full distribution of outcomes.”
Read More
O’Donnell said that RenaissanceRe believes that; “The right way to price risk is to consider multiple views understanding the full distribution of outcomes.”
Read More