Oasis platform for catastrophe and climate change risk assessment and adaptation

This document presents the structure and key characteristics of the Oasis Platform for Catastrophe and Climate Change Risk Assessment and Adaptation. It is a set of tools that aim to offer a more transparent, robust and comprehensive approach for analysing and pricing risk from extreme events. In fact, insurance, in the context of broader disaster risk management strategies can increase communities’ climate resilience and reduce recovery times when disaster strikes.

The analysis of the key characteristics and value of the Oasis Platform highlight the following takeaways:

• As an open source and open access tool, the Platform could transform the way natural disaster risks are assessed and how the catastrophe risk modelling market works, lowering costs to access transparent climate-related models and empowering users to customise them.
• The Platform could reduce modelling costs by 25-50% by lowering transaction costs and enhancing competition, thereby opening up the use of risk models to users beyond the re/insurance industry.
• The Platform could indirectly facilitate an additional USD 1.4 to 6 billion of property insurance coverage in the three potential pilot countries.
• Proponents have begun to develop strategic partnerships of relevance for the pilots, notably with the Insurance Development Forum’s Risk Modeling and Mapping Group and local stakeholders, to test the Platform in 2-3 developing countries.