Veronica Augustsson, Cinnober
Boat Oasis, a Multi-Peril Catastrophe (Cat) Risk Modelling Platform for the (re)insurance industry, brought to market by Boat Services in January 2017 has added new risk models.
In Q3, Boat formalized agreements with cat risk model provider COMBUS and portfolio analytics tool TigerEye, to integrate on the Boat Oasis platform, with more integrations to follow in Q4. COMBUS's Australian Bushfire, Severe Convective Storm, Low Pressure System, Tropical Cyclone and Earthquake models are the first models on the platform to cover the Australian continent and are now offered to the (re)insurance community. TigerEye, the pricing and portfolio management provider, has also been added to help clients maximize performance and enrich portfolios, and is the first external analytics platform to integrate with Boat Oasis.
These additions complement the models already available on the platform, including Applied Research Associates' (ARA) US hurricane model and CatRisk Solutions' Middle East Earthquake model. Boat's insurance offering enables efficient access to advanced risk models and has 10 clients using a combination of models to date.
In order to help the reinsurance community access these models, Boat have leveraged the technology experience of parent company Cinnober to develop a new model execution front-end and evaluation platform for firms to trial risk models prior to purchase.
"This is a great example of how Cinnober group brings new and innovative technology to solve industry challenges," comments Veronica Augustsson, CEO of Cinnober. "The current events in Texas reminds us of how important cat risk modelling is in how we develop and improve infrastructure and prevent catastrophic events from becoming financial disasters. Greater access to new and advanced cat risk models is needed and will, in the long run, improve our communities."