Xceedance-Oasis LMF adds three new US cat models
Xceedance, the Bermuda-based provider of strategic insurance consulting and technology, and the Oasis Loss Modelling Framework (Oasis LMF), have added on-demand exposure analysis models for three US catastrophe perils to Xceedance-Oasis LMF On-Demand Catastrophe Modelling Services.
The service now offers models developed by CoreLogic, Fathom, and Applied Research Associates (ARA) to provide loss metrics for US earthquake, flood, and hurricane perils.
The CoreLogic US Earthquake model accounts for historic, nationwide earthquake hazard and risk information for insights into location or portfolio risk. It uses 2014 USGS and Third Uniform California Earthquake Rupture Forecast (UCERF3) hazard data to model damage due to liquefaction and earthquake-induced landslide, including modelling of deep sedimentary basins in California and Washington.
The Fathom US Flood model is the first-ever to provide climate change scenarios for 2020 and 2050, including data based on research at the Massachusetts Institute of Technology (MIT) to predict changing hurricane behavior. It covers every US watercourse and the entire US coastline, quantifying coastal flood risk due to storm surges and high tides and is validated against government flood data and models.
The ARA HurLoss US Hurricane model has been widely published and peer reviewed and has been the basis for structural design in hurricane-prone states since 1998. In 2015 it was selected by the Lloyd’s Market Association to be the first major region-peril model implemented on Oasis LMF.
The Xceedance-Oasis services deliver as-needed loss analysis to re/insurers, brokers, and MGAs and require no annual model licensing. There is no requirement to use proprietary platforms and peril models can be selected from a community of model providers.
Re/insurers send raw exposure data which is evaluated and applied to the country/peril model selected. The customer receives a report containing all model assumptions and essential loss metrics for the re/insurer’s unique account or portfolio.
Manish Khetan, chief operating officer of North America operations at Xceedance, said: “The services are designed so insurance organisations don’t need to spend time and resources on modelling or invest in infrastructure. Now, re/insurers can get an alternate view of primary US catastrophe perils, in addition to their existing models. Or, they can get a first view of those perils if they don’t have in-house modelling platforms.”
