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 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.