Climate-KIC’s Oasis project hailed as ‘Innovation of the Year’ at industry awards

Climate-KIC project the Oasis Loss Modelling Framework has been named Innovation of the Year at the London Market Awards 2014.

Dickie Whitaker, Project Director at Oasis, accepted the award at a ceremony at the Grange Tower Bridge Hotel in London last week (11 June). 

The project, a software arena where state of the art extreme weather models are combined with models of damage and financial loss, has produced a tool open to anyone with an interest in creating new catastrophe risk models. Modules for specific catastrophes are available commercially.

Oasis has received €2.8 million in funding from Climate-KIC. It is now co-managed by a group of insurers, reinsurers, brokers and Lloyd’s of London through a not-for-profit company.

Last month, Climate-KIC announced that it will be taking Oasis a step further this year by including the concept into one of its four new flagship programmes totalling €100 million.

The resulting ‘Oasis+’ programme brings together the world’s leading insurers, reinsurers, ICT businesses and weather modellers to make insurance for extreme weather events more accessible and precise.

Software package

The project has produced a software package open to anyone with an interest in creating new catastrophe risk models, with modules available for specific catastrophes. Climate-KIC and its partners have developed a number of commercially available models.

Oasis is designed to operate as a set of plug-and-play web services, which can be developed to meet many and various needs.

Although the insurance industry is expected to be the main user of Oasis, the package can be useful to anyone who is interested in natural catastrophes, not just financial services, but also risk managers in large corporations, governments and inter-governmental bodies.

The London Market Awards are organised by UK financial intelligence publisher Reactions.

 
News you may be interested in
news
Fresh boost to industrial symbiosis in Europe

EIT Climate-KIC has teamed up with five partners to...

Fresh boost to industrial symbiosis in Europe
news
Europe’s annual climate innovation summit to be ...

The 2018 Climate Innovation Summit, Europe’s leading event on climate...

Europe’s annual climate innovation summit to be held in emerging green finance centre Dublin
news
Pollution-sucking ‘smart’ trees bring clean ai...

Recent installations of the pollution-sucking CityTree in London and...

Pollution-sucking ‘smart’ trees bring clean air to London and Brussels
news
New project aims to mobilise Europe on ‘drawdown...

EIT Climate-KIC, together with the German Energy Agency (DENA)...

New project aims to mobilise Europe on ‘drawdown’
news
Mainstream climate change into post-2020 funding f...

EIT Climate-KIC is calling on the European Commission to...

Mainstream climate change into post-2020 funding framework, Climate-KIC urges European Commission
news
New European research-backed programme aims to inc...

EIT Climate-KIC is to launch an ambitious forestry innovation...

New European research-backed programme aims to increase sustainable forestry
news
EIT Climate-KIC Spain boosts new national public-p...

EIT Climate-KIC Spain is playing a major role in...

EIT Climate-KIC Spain boosts new national public-private partnership for climate action
news
EIT Climate-KIC aims for truly pan-European reach

Europe’s leading public-private innovation initiative focused on climate change...

EIT Climate-KIC aims for truly pan-European reach
news
EIT Climate-KIC CEO urges mayors to consider their...

Cities must consider the infrastructure and environmental legacy that...

EIT Climate-KIC CEO urges mayors to consider their role in boosting climate innovation
news
Solar start-up praises EIT Climate-KIC’s assista...

EU-backed start-up incubation programmes such as EIT Climate-KIC’s Accelerator...

Solar start-up praises EIT Climate-KIC’s assistance on clean energy live stream
news
European Commission report on Sustainable Finance ...

The European Commission’s High-Level Expert Group (HLEG) on Sustainable Finance...

European Commission report on Sustainable Finance affirms its commitment to climate action
news
EIT Climate-KIC innovators featured in Forbes 30 u...

Six EIT Climate-KIC innovators have been honoured in this...

EIT Climate-KIC innovators featured in Forbes 30 under 30 Europe List
news
New EIT urban mobility and manufacturing innovatio...

The European Institute of Innovation & Technology (EIT), the...

New EIT urban mobility and manufacturing innovation communities launched
news
European innovation body offers support to Portugu...

EIT Climate-KIC is calling on leading business, educational and research...

European innovation body offers support to Portuguese and Lithuanian regions
news
Europe’s first open innovation platform for clim...

A new EIT Climate-KIC supported capacity-building tool for climate-smart...

Europe’s first open innovation platform for climate-smart agriculture launched
news
New study finds Climate-KIC and wider EIT Communit...

A new study has found that EIT’s Knowledge and...

New study finds Climate-KIC and wider EIT Community delivering significant impact for Europe
news
Climate-KIC start-up SOLHO one of Europe’s Top 5...

Climate-KIC start-up SOLHO was one of four winners honoured...

Climate-KIC start-up SOLHO one of Europe’s Top 50 innovators
news
Innovative solutions sought for urban challenges

Climate-KIC’s Urban Challenges programme is seeking to support start-ups...

Innovative solutions sought for urban challenges
news
Climate-KIC supported start-up ZOLAR completes €...

• Sunstone Capital, Statkraft Ventures, Partech Ventures and Tim...

Climate-KIC supported start-up ZOLAR completes €4m financing round
news
Women entrepreneurs talk climate business in Bonn

What characteristics do people think of when they hear...

Women entrepreneurs talk climate business in Bonn
news
Climate-KIC kicks off innovation initiative for ci...

Comprehensive plan launched to support urban agglomerations as test...

Climate-KIC kicks off innovation initiative for cities
news
Climathon rallies an international city movement t...

More than 100 global cities gather for world’s largest...

Climathon rallies an international city movement to tackle climate change