PERILS, an independent organisation providing industry-wide catastrophe insurance data, has revealed that its Industry Exposure Database (IED) is now available in a new format.
The Open Exposure Data (OED) format adopted by PERILS is a part of the Open Data Standards (ODS) initiative managed by Oasis on behalf of the (re)insurance industry.
Oasis is an insurance industry-led, not-for-profit company that provides an open-source platform for developing, deploying, and executing catastrophe models. All models in the Oasis platform use the OED format and were developed to improve the efficiency of accessing, modelling, and transferring insurance exposure data.
PERILS CEO Luzi Hitz welcomed the organisation's decision to join Oasis's ODS initiative.
“Since PERILS was formed, its mission has been to increase the availability of industry exposure data to enable a better understanding of catastrophe risks. Providing our industry exposure data in OED format is therefore a natural progression for us and one we believe will benefit our clients and the industry. Improving efficiencies in catastrophe risk assessment through an open data standard such as the OED is an important development and will help to drive greater market efficiency,” Hitz said.
Oasis CEO Dickie Whitaker said adopting the OED format provides greater choice to users and offers a more sustainable approach because it is open, industry owned, and managed.
“PERILS' decision to make its IED available in the Open Exposure Data format supports the increasing adoption of Open Data Standards by the insurance market,” Whitaker said.
Access to the new format is available upon request to PERILS.
