Boat Oasis continues to strengthen platform with the addition of COMBUS’s catastrophe simulation models for Australia.
The catastrophe modelling firm COMBUS is the first Australian modeller to offer their risk solutions on Boat Oasis – the multi-peril cat risk modelling platform operated on the Oasis Loss Modelling Framework (LMF).
“COMBUS’s Australian Bushfire, Severe Convective Storm, Low Pressure System, Tropical Cyclone and Earthquake models are now available on the Boat Oasis shared service platform. By integrating with Boat Oasis, COMBUS becomes more easily accessible to (re)insurance firms globally, helping them manage their risk associated with catastrophes in Australia.” said Dr Will Gardner, Managing Director of COMBUS.
Catastrophe risk loss models have developed significantly over the past 25 years within the global (re)insurance industry, providing essential tools to help (re)insurers prepare for the financial impact of catastrophes. Little has changed in the model marketplace during this time, however, the introduction of open source modelling will lead to greater access to models for different perils in different regions from more vendors than ever before.
“Boat Oasis was formed to enable wider adoption of models in the global (re)insurance environment and we are delighted to welcome COMBUS onto the platform to help further this mission. The integration of COMBUS supports and strengthens our commitment to provide the (re)insurance industry with a deeper understanding of risk and it is great to see that (re)insurance firms are beginning to realise the value in accessing and utilising a range of high quality risk models." said Jamie Khurshid, CEO of Boat Services.
Oasis Chief Executive, Dickie Whitaker, added “It’s great to see the momentum developing on new models available on the Oasis platform because the market needs more choice and greater transparency. COMBUS fits these needs perfectly.”
The Boat Oasis shared service platform offers a flexible, scalable and secure catastrophe modelling platform within a hosted and fully managed environment. The shared service platform creates a community where (re)insurance companies, large vendors and niche risk modelling providers from around the world can come together and mutually benefit from economies of scale. The service is delivered by Boat Services Ltd, a UK subsidiary of Cinnober.
COMBUS Pty Limited is an actuarial consulting and catastrophe modelling firm specialising in helping insurance companies quantify and manage their large scale risk to natural and man-made disasters. COMBUS builds catastrophe simulation models for Australia and provides consultative advice in the areas of catastrophe model development, model evaluation and reinsurance optimisation.
Established in 2014, Boat Oasis delivers a flexible, scalable and secure catastrophe modelling shared service via a hosted and fully managed environment. Boat Oasis provides (re)insurance companies with the platform to gain a deeper understanding of their risk by accessing the best models from large and niche risk modelling providers around the world.
This innovative offering represents a paradigm shift for catastrophe risk loss modelling within the global insurance industry, while bringing the reputation for excellence, reliability and quality from Cinnober’s traditional market within financial services.
In 2014, Boat Services Ltd were approached to assist with the initial client evaluation that was successfully completed the following year. As of December 2016, Boat Services Ltd brought the Oasis LMF platform to market.
Oasis is a global not-for-profit company limited by guarantee and owned by approximately 40 members who come from within the insurance and reinsurance community. Its mission is to create and foster links throughout the wide community of those interested in modelling catastrophic risk across business, academia, and government.
Boat Services Ltd was founded in 2007 in response to the regulatory pressures introduced when MiFID was implemented. Boat offered MTFs, SIs and investment firms an easy and cost-efficient way to comply with the new transparency obligations. Ever since, Boat has operated with exceptional uptime, and is the trade data monitor (TDM) with the most comprehensive offering of reportable instruments, including more than 10,000 stocks and ETFs across Europe, the Swiss and Russian markets.
After acquisition by Cinnober in 2014, Boat Services Ltd expanded its product offerings to include TRADEcho and LBMA-i for finance and Boat Oasis for insurance.