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.

 
Location
News you may be interested in
news
Introducing the Innovation Review

EIT Climate-KIC this week launches Innovation Review — a...

Introducing the Innovation Review
news
Renewables crowdfunding platform Lumo acquired by ...

Renewable energy crowdfunding platform fintech Lumo, supported by EIT...

Renewables crowdfunding platform Lumo acquired by Société Générale
news
Clean energy, urban farming and sustainable housin...

Clean energy, urban farming and sustainable housing were the...

Clean energy, urban farming and sustainable housing hacked at urban solutions conference
news
EIT Climate-KIC to boost innovation capacity in Cr...

EIT Climate-KIC is expanding its network with the creation...

EIT Climate-KIC to boost innovation capacity in Croatia, Greece and Lithuania
news
EIT Climate-KIC aims to slash industrial plastic u...

EIT Climate-KIC and partners have launched an exciting programme to...

EIT Climate-KIC aims to slash industrial plastic use through innovation in digital tools
news
Europe’s students begin summer-long Journey ...

The Journey, the world’s largest climate innovation summer school,...

Europe’s students begin summer-long Journey to tackle climate change
news
EIT Climate-KIC shines the spotlight on distribute...

As it’s a relatively new technology, practical applications for...

EIT Climate-KIC shines the spotlight on distributed ledger technology at Innovate4Climate
news
City Finance Lab to launch beginning of June

A new initiative run by South Pole Group and...

City Finance Lab to launch beginning of June
news
Can cities find sustainable solutions in Copenhage...

 EIT Climate-KIC this week (23 May) hosts the Sustainable...

Can cities find sustainable solutions in Copenhagen?
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
Integrated, holistic approach key for successful n...

Researchers, practitioners, and city officials were brought together by...

Integrated, holistic approach key for successful nature-based solutions
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
#ClimateTech—or the role of incubators and accel...

At the Technology Executive Committee (TEC) Thematic Dialogue on...

#ClimateTech—or the role of incubators and accelerators in delivering the Paris Agreement
news
Insurance affordability and coverage threatened by...

Broad and continuous efforts are needed to prevent climate...

Insurance affordability and coverage threatened by climate change
news
Ahead of MIPIM, what is the future of green buildi...

MIPIM real estate conference brings the most influential players...

Ahead of MIPIM, what is the future of green buildings?
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
Annual damage to Europe’s critical infrastructur...

The costs of damage to Europe’s critical infrastructure by...

Annual damage to Europe’s critical infrastructure may increase tenfold this century
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