REPORT: Flood Risk Modeling to Support Risk Transfer: Challenges and opportunities in data-scarce contexts
Risk-literate users in vulnerable countries should be able to access all relevant models and datasets, use them on their preferred platform, develop them further and have trust in the results.
Enhanced risk understanding at the local level will lead to a much higher standard of decision making in resilient investment and residual risk transfer. It will also make for a more informed and equal conversation with international finance institutions.
Please see the recently published IDF report on the Development Impact of Risk Analytics for further details of this campaign of work.Read more
The group asserts that adoption of open risk modelling principles, platforms, models and data standards are the key to this essential spread of risk insight. Benefits will not only accrue to vulnerable countries and the agencies working with them, but will deliver efficiencies for risk modelling in all sectors worldwide.
The RMSG’s activities are categorised as follows:
Theme 1: Improvement of Risk Modelling Infrastructure
Theme 2: Model and data content, and capacity building
Building efficiency and reducing cost and duplication in the risk modelling and data ecosystem, through continuous development of open platforms, an industry wide interoperability programme and advocacy development of open standards.Read more
This effort is led by the (re)insurance industry with benefits for public, private and third sector actors in the world of disaster risk finance and investment in risk reduction. The industry will deliver a scalable, easy to use open modelling platform and standards for all sectors to use in building and running models. This will give risk owners the capability to develop the local view of risk so essential to their risk management strategies.
Overall the group seeks ever stronger collaborations in risk modelling cross all sectors. It’s Theme 1 (Infrastructure) projects are:
A programme to promote accessibility and use of models and data on open platforms. RMSG supports IDF and its partners’ country projects, offering consultancy, quality assurance, convening of model and data projects and model cataloguing. It is also ready to assist countries and cities in the development of their capacity in finance-aware risk understanding.Read more
The aim is to increase the availability and use of open risk models and complementary data sets, particularly in countries covered by InsuResilience Vision 2025 objectives. Model development will use the open frameworks and tools developed under Theme 1; in addition to demand-led projects the programme will define and deliver a set of benchmark strategic region/risk models.
RMSG has co-developed the Global Risk Modelling Alliance as the delivery vehicle for this. The GRMA is public-good service offering countries open data, technology and practical learning through co-development of risk management strategies and applied risk finance projects.
The GRMA brings access to climate and disaster risk insight where it is needed the most. Working side by side with officials and local experts in ministries and mayoral offices, it offers open risk management tools, data and access to operational risk finance expertise.
RMSG and its partners have developed a range of open and free tools to help risk owners and analysts improve their understanding and access to climate and disaster risk analytics and financing.
Oasis Risk Explorer introduces step-by-step experience of modelling risk and designing parametric insurance.
CatRiskTools is a catalogue of catastrophe risk models - find a model for your country and hazards being analysed, and identify global modelling gaps.
The Global Resilience Index Initiative is a multi-partner programme offering open access to composite risk and resilience metrics covering People, Planet and Prosperity.
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