Aon backs open cat modelling ecosystem to bring more choice to insurers
Aon has enhanced its ImpactWorkbench tool to enable re/insurers to transform catastrophe data into the open exposure data format and produce import-ready files for Oasis-based catastrophe modelling systems.
The new feature is designed to allow more vendor model choice and enable analysts to access broader risk management insights. Additional features include data quality checks and reporting; construction, occupancy, protection and exposure mapping; address matching and support for complex re/insurance term translation.
Aon said following the costliest decade on record, economic losses from natural disasters reached $75 billion in the first half of 2020 and reinforced re/insurers’ need to understand and manage catastrophe risk, in addition to the impact of the novel coronavirus (COVID-19) pandemic.
Helen Attenborough, executive managing director for analytics software & product development at Reinsurance Solutions, Aon, said: “By backing open catastrophe modelling ecosystems, we are excited to bring more choice to insurers and help them better quantify natural catastrophe risk in an efficient way. ImpactWorkbench enables a transparent view of the exposure data and conversion processes, which can help to develop an understanding of the models and how they represent reality.”
Dickie Whitaker, CEO of Oasis Loss Modelling Framework, added: “The exposure management function in our industry is in need of improved efficiency and Aon should be applauded for supporting clients by driving forward this standard.”
James Lay, commercial director of NRMC, Nasdaq, said: “Supporting open data standards is a key enabler for the industry and Aon’s support of OED via ImpactWorkbench will help with the adoption of Oasis-based models throughout the risk transfer chain.”
