Risk modelling standards and best practices for companies engaged in IDF projects
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About
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 moreThe 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
Workstreams
Theme 1: Improvement of Risk Modelling Infrastructure
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 moreThis 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.
Priority Actions
Overall the group seeks ever stronger collaborations in risk modelling cross all sectors. It’s Theme 1 (Infrastructure) projects are:
- Through technical development projects, the RMSG group collaborates across industry to enhance the standards and models in the Oasis loss modelling ecosystem. In it’s projects, the RMSG promotes the use of Oasis and compatible open platforms across private, public, development and humanitarian sectors.
- The group is managing a continuous programme of improvements to interoperability between risk modelling data sets, bringing the benefits of choice, transparency ease of use and cost reduction. Proofs of concept in interoperable exposure data sets have already been achieved.
- Working collaboratively on common data standards.
Theme 2: Model and data content, and capacity building
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 moreThe 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.
Group Members
Leadership
Ian Branagan
Member of IDF Operating Committee and Co-Chair of IDF Risk Modelling Steering Group (RMSG)
Renaissance Re
Jenty Kirsch-Wood
Member of IDF Operating Committee and Co-Chair of IDF Risk Modelling Steering Group (RMSG)
UNDRR (United Nations Office for Disaster Risk Reduction)
Jeffrey Manson
Member of IDF Operating Committee and Co-Chair of IDF Risk Modelling Steering Group (RMSG)
Renaissance Re
Membership
- AIG
- AIR Worldwide
- Allianz
- Aon Impact Forecasting
- ARC
- Aviva
- AXA
- AXA Climate
- AXAXL
- Axis Capital
- Bank of England
- CGFI
- China Re
- Convex
- Core Logic
- Danish Red Cross
- Fathom
- FCDO
- FSD Africa
- GEM
- Geneva Association
- Guy Carpenter
- Hannover Re
- Image Cat Inc
- InsuResilience Global Partnership
- JBA Consulting
- JBA Risk
- KatRisk
- Lloyd's of London
- MCII
- MS Amlin
- Munich Re
- Nasdaq
- Oasis Loss Modelling Framework
- Renaissance Re
- SCOR
- START Network
- Swiss Re
- Tata Consultancy Services
- UNDRR
- UNDP
- University of Berkeley
- UNU/MCII
- Willis Towers Watson
- WMO
- World Bank (GFDRR and CDRFI)
- Xceedance
- Zurich Insurance Group
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 TOOLS
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
Oasis Risk Explorer introduces step-by-step experience of modelling risk and designing parametric insurance.
CatRiskTools
CatRiskTools is a catalogue of catastrophe risk models - find a model for your country and hazards being analysed, and identify global modelling gaps.
GRII
The Global Resilience Index Initiative is a multi-partner programme offering open access to composite risk and resilience metrics covering People, Planet and Prosperity.
To access these and more, visit:
