SUCCESS STORIES

Oasis: Democratising climate risk data

Oasis is a suite of tools and services that support catastrophe modelling and risk analytics to help understand and manage catastrophe and climate-related risk, and build resilience.

The Problem

Increasingly different parts of society are facing the need to plan and adapt to a riskier future as a result of climate change and increasing frequency of extreme weather events. Understanding climate impacts and the associated risk is critical in dealing with extreme events and disasters. CAT modelling can support governments, cities and sectors in pricing the probability and severity of loss from climate-related risk, but current modelling is limited by a lack of transparency, and protected data sources that prevent a diverse and objective view of a given risk.

The Solution

The CRI Flagship addresses these challenges, working with the OASIS community, to support key entities that help set standards and provide a marketplace, demonstrating use of climate risk data and models; and supporting capacity-building and financial innovation.

At the core of CRI is the Oasis open-source loss modelling framework (OASIS LMF) that allows users to feed in a range of hazard, exposure and vulnerability data, to calculate damage risk and the potential financial cost of events. Oasis LMF is backed by an insurance industry-led consortium of over 40 global insurance members and over 60 associate members. The loss modelling framework, demonstrated across fire, flood and city risk sectors, makes vital adaptation tools and services accessible to a wider audience around the world.

The Impact

European countries already involved in the flagship community include the United Kingdom, Germany, Hungary, Denmark, and France.  Existing project partners include; Oasis Palmtree, Imperial College London, Betterpoints Limited, Potsdam Institute for Climate Impact Research, The Municipality of Budapest, Technical University of Denmark DTU, Aria Technologies, and GFZ Helmholtz Centre Potsdam.

EIT Climate-KIC’s Role

Oasis is fast becoming the leading European provider of software, tools, services and models enabling risk assessment and adaptation planning by public, finance and other private sector organisations for greater resilience against future catastrophes and climate impacts. Oasis has already been embedded with a number of multi-laterals and international development banks. It has had requests from the Bangladeshi government and Philippines Reinsurance sector to work with them on risk reduction and CAT insurance development. It launched its first MOOC on modelling for Oasis, while its eMarketplace (Oasis Hub) launched in 2017. Oasis’ 14 partners have received €3.9 million in funding from EIT Climate-KIC. Since 2012, EIT Climate-KIC has been able to act as high risk investor in adaptation service development, but in doing so, is stimulating innovation and interest in this vital part of the green economy. Oasis was endorsed in 2016 by The Global Innovation Lab For Climate Finance as one of four new financial instruments to catalyse billions of dollars for climate mitigation and adaptation in developing countries. Lab members include the Danish, Dutch, German, UK and US governments, Bank of America Merrill Lynch, Willis Group, development finance institutions, foundations, and other public and private investors.

For more information visit https://oasishub.co 

 

By providing access to transparent and standardised modelling, Oasis aims to improve understanding and management of catastrophes and climate-related risks, facilitate greater investments in insurance and risk reduction, and make vital adaptation tools accessible to a wider audience

Tracy Irvine, Director of Oasis Hub and Oasis+ Programme Manager

 

 
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