Oasis Loss Modelling Framework Ltd. Company Profile

Background

Oasis Loss Modelling Framework Ltd. (Oasis LMF) is a not-for-profit organization established in 2011, dedicated to enhancing risk assessment through open-source catastrophe modelling. Its mission is to democratize access to catastrophe models, fostering transparency, performance, and innovation within the (re)insurance industry and beyond. By providing an open framework for model and software development, Oasis LMF aims to build a collaborative community of providers and users, thereby improving the understanding and management of risk globally.

Key Strategic Focus

Oasis LMF's strategic focus centers on offering an open-source platform for developing, deploying, and executing catastrophe models. The organization emphasizes:

Model Diversity: Supporting over 100 models from 21 different providers, covering a wide range of perils and geographies.

Transparency and Standardization: Promoting open data standards to ensure interoperability and reduce costs for the market.

Innovation and Collaboration: Encouraging the development of new models and tools by collaborating with various stakeholders, including model vendors, academic institutions, and research groups.

Financials and Funding

In March 2021, Oasis LMF secured additional funding exceeding $2 million over two years from major re/insurance companies, including Aon, Allianz, AXA, Chubb, Guy Carpenter, Hannover Re, Lloyd’s, RenaissanceRe, Swiss Re, SCOR, and Willis Re. This investment aims to expand the community of providers and users of Oasis software, models, data, and tools, thereby increasing the choice, efficiency, and quality of risk models available.

Pipeline Development

Oasis LMF continuously enhances its platform by integrating new models and tools. The organization collaborates with various model providers to expand its ecosystem, which currently includes over 100 models from 21 different providers. These models cover a wide range of perils and geographies, providing users with diverse views of risk.

Technological Platform and Innovation

Oasis LMF's platform is distinguished by its open-source architecture, which includes:

Oasis Loss Modelling Framework: A platform for running catastrophe models, featuring a web-based user interface and an API for integration with other systems.

Oasis ktools: Core components for executing catastrophe models at scale, utilizing standard data formats for hazard and vulnerability.

Oasis Model Development Toolkit: A toolkit for developing, testing, and deploying catastrophe models.

The platform's architecture is designed for flexibility, supporting various deployment options, including in-house, hosted solutions, and cloud-based implementations. This adaptability allows users to tailor the platform to their specific needs.

Leadership Team

Oasis LMF's leadership comprises experienced professionals from the (re)insurance industry:

Dr. Sibylle Steimen: Director and Global Head of Cat Risk Management.

Mr. Peter Geissbühler: Director and Regional Manager and Senior Scientist.

Mr. Paul McEwan: Director and Insurance Manager.

Mr. Donald Parkes: Director and Insurance Risk Management.

Mr. Richard Piers Edmund Whitaker: Director and Chief Executive.

These individuals bring a wealth of expertise to the organization, guiding its strategic direction and fostering industry collaboration.

Leadership Changes

Recent leadership changes include the appointment of Mr. Donald Parkes as Director on August 2, 2024, succeeding Mr. Sean Ringsted, who resigned on the same date. Additionally, Mr. Oriol Gaspa Rebull was appointed as Director on June 6, 2024, following the resignation of Mr. John Victor Moore on May 22, 2024.

Competitor Profile

Market Insights and Dynamics

The catastrophe modelling industry is evolving towards open-source solutions that offer transparency, flexibility, and cost efficiency. Oasis LMF's open-source platform positions it as a significant player in this market, catering to the growing demand for customizable and accessible risk assessment tools.

Competitor Analysis

While Oasis LMF operates uniquely as an open-source platform, it faces competition from organizations offering open-source solutions in different domains:

Code for America: A technology nonprofit focusing on government services.

Mifos Initiative: Develops open-source platforms for financial services.

BeagleBoard: Provides open-source physical computing solutions.

Project Jupyter: Develops open-source software for interactive computing.

These organizations, while not direct competitors in catastrophe modelling, share a commitment to open-source principles, highlighting a broader industry trend towards transparency and collaboration.

Strategic Collaborations and Partnerships

Oasis LMF collaborates with numerous model providers and partners to enhance its platform's capabilities. Notable collaborations include:

Nasdaq: Utilizes the Oasis platform to offer a multi-vendor risk modelling service, providing access to a range of models for efficient catastrophe risk assessment.

Xceedance: Leverages the Oasis framework to offer on-demand exposure analysis for various perils to insurance organizations globally.

These partnerships expand Oasis LMF's reach and functionality, offering users diverse tools and models for comprehensive risk assessment.

Operational Insights

Oasis LMF's open-source platform offers distinct competitive advantages:

Transparency: Users can access and modify the source code, ensuring clarity in model assumptions and methodologies.

Flexibility: The platform supports models from various providers, allowing users to select models that best fit their needs.

Cost Efficiency: By reducing licensing fees and promoting standardization, Oasis LMF lowers the financial barriers to accessing catastrophe models.

These factors position Oasis LMF as a transformative force in the catastrophe modelling industry, challenging traditional proprietary models.

Strategic Opportunities and Future Directions

Oasis LMF is poised to capitalize on several strategic opportunities:

Expansion of Model Offerings: Continuing to collaborate with new model providers to cover additional perils and regions.

Enhancement of Platform Capabilities: Developing more efficient engines for data access and analysis to improve performance and user experience.

Broader Industry Adoption: Encouraging wider adoption of open-source risk modelling standards across both public and private sectors.

By leveraging its open-source framework and collaborative approach, Oasis LMF aims to drive innovation and accessibility in catastrophe risk modelling.