OASIS – Open access catastrophe modelling driving adaptation to enable resilience in an uncertain future
With the frequency and severity of natural disasters increasing, the cost of catastrophe loss is soaring and governments, corporations, aid organisations and tax payers are left to bear the costs.
OASIS has developed a new open- source loss modelling framework and catastrophe (CAT) and climate models that addresses the uncertainty of natural disasters, calculates potential losses & impacts that assist society to plan for and underwrite these events and combats the setbacks of existing models.
A ground-breaking innovation
The Oasis consortium is the foremost Pan-European, public-private CAT and Climate risk modelling innovation partnership working towards providing open- access and transparent CAT and climate models for the marketplace.
Using Oasis Loss Modelling Framework standards, the hazard, vulnerability, probabilistic and damage models we develop can be used within the Oasis framework to assess potential financial losses accordingly.
Because of our multiple partners we can work flexibly on modelling of a bespoke nature for potential customers, including city planners and industry but then releasing these models onto our eMarketplace for general use by other potential users.
Because our models will publish their modelling assumptions they can be used more transparently to assist city and regional planning and underwriting risk.
Our programme is intended to cause a market disruption of the current ‘black box’, prohibitively expensive CAT modelling market, bringing more open and transparent models to the market, opening up new markets in different sectors and encouraging new modelling entrants into the marketplace and in the long run decreasing the cost of models.
Used effectively our models can assist adaptation planning and the understanding of climate and CAT risk, potentially saving lives and preventing damage to property and infrastructure.
OASIS and Climate-KIC
Climate-KIC’s role as an engine for ideas, innovation and Pan-European, public-private partnerships has acted as a fundamental driver for the development of the relationships formed under
the Oasis Project and these opportunities would have been difficult to find elsewhere.
What is the innovation?
OASIS was originally a 3-year project funded by Climate-KIC, during which time, as part of the original innovation project a range of CAT modelling tools including the Oasis Loss Modelling Framework (OASIS LMF) was developed.
OASIS LMF is an open access, plug and play, calculation kernel that calculates damage and financial risk from catastrophic events now supported by 44 major insurers and reinsurers and a spin-out company Oasis Palm Tree Ltd, providing education and services around the Oasis system.
“Our ongoing relationship with Climate-KIC has been essential. It has helped to galvanise the industry and provide the opportunity for large numbers of participants to enter the market.”
— Ralf Toumi – (Professor of Atmospheric Physics), Imperial College, London
The Oasis consortium of research institutions and business partners also created nine new climate, flood and forest fire catastrophe models for the market place and in doing so developed skills for the development of high quality CAT and climate models suitable for the market place.
Of course, the financial support for the original innovation project has been important both to seed fund the kernel, now being supported by Oasis LMF members and for stimulating new CAT model development.
The ability of the KIC to act as a high risk investor in adaptation service development has resulted in stimulating growing interest in more accurate and transparent CAT and climate models. Their investment has now given us the ability to act as a serious and established consortium able to attract both commercial and leverage funding for programmes.
Innovation Manager Climate-KIC
Office: +44 (0)20 7594 2748
Imperial College London