This project to build scenarios in Oasis LMF has been funded by the Insurance Development Forum (IDF) and the focus is to provide open access to scenarios of various perils and regions for the developing world. These will be accompanied by vulnerability functions to create a small, deterministic model that can provide a loss curve for each event. The scope of the project has also been expanded to the more developed regions with scenarios provided for US, Europe and some parts of Asia-Pac. These deterministic models will have many use cases such as RDS (realistic disaster scenarios) analytics, benchmarking and validation.
The scenario footprint files have been kindly supplied by the model vendors that partner with Oasis and as they will be available for free, some come with conditions around the terms of use, so we recommend the user takes note of these. The scenarios themselves are a mix of key historical events or stochastic events of a certain severity taken from that vendor's event set.
The vulnerability functions used in these deterministic models have either been supplied by the model vendor or from an alternative source. It's likely that the event losses produced by these models could differ from those generated by the full probabilistic model available from these vendors due to the different vulnerability curves. It's highly recommended that the user reads all accompanying information to ensure they understand the data used for these models.
The catalogue detailing each available scenario can be found here (https://github.com/OasisLMF/Scenarios/blob/main/Catalogue)
Many thanks to the following model vendors who have participated in this project and made their scenarios footprint files available:
- Applied Research Associates (ARA)
- Catrisk Solutions
- Global Earthquake Model Foundation (GEM)
- Guy Carpenter
- Impact Forecasting
- Insurance Partners Europe (IPE)
- JBA Risk Management
- University College London (UCL)