Boat Oasis, the multi-peril catastrophe risk modelling platform that operates on the Oasis Loss Modelling Framework (LMF), has expanded the offerings supported on the platform with the addition of risk models for Australian perils from COMBUS and an integration with TigerEye.
COMBUS, an Australian actuarial consulting and catastrophe modelling firm, is the first provider of Australian catastrophe risk models to make its solutions available on Boat Oasis, bringing models for the diverse range of perils it covers to users of the platform for the first time.
Dr Will Gardner, Managing Director of COMBUS, explained; “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.”
These models could be particularly of interest in reinsurance and ILS markets, as some of these perils are not particularly well-covered elsewhere.
“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,” commented 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.”
Boat Services has also announced an integration with TigerEye, the pricing and portfolio management platform from Applied Insurance Technologies, a subsidiary of reinsurance broker and risk capital advisor TigerRisk Partners.
TigerEye provides users with pricing and portfolio management analytics and tools and is the first external analytics platform to integrate with Boat Oasis.
TigerEye helps users to leverage the full power of any vendor risk models, enhancing the picture of the underlying risk exposures and helping them design optimal risk to capital solutions.
Users can use risk modelling outputs to drive better business decisions, answering questions such as “should we write this risk?”, “is this price acceptable”, and “how does this impact my portfolio”, with the system offering responses within minutes.
“We’re very excited to bring TigerEye’s industry leading reinsurance pricing and portfolio management capabilities to the Boat Oasis platform,” said Vladimir Kostadinov, Head of TigerEye Business Development.
“TigerEye is absolutely the right solution for the market and we couldn’t be happier to offer the tool to our clients. Boat Oasis was formed to provide the (re)insurance industry with a deeper understanding of risk and the integration with TigerEye helps us do exactly that,” added Khurshid, CEO of Boat Services.
“Integrating TigerEye with the Boat Oasis platform is a great example of collaborative work between model vendors in our industry. Having TigerEye available on Boat Oasis benefits the insurance industry by providing a holistic turn-key solution for multi-vendor catastrophe modelling and portfolio management,” Jayant Khadilkar, Global Head of Analytics and Technology at TigerRisk stated.
Boat Oasis now works with a range of independent risk model providers, including ARA, CATRisk Solutions, and now COMBUS.
By adding risk analytics from TigerEye the platform, as well as offering an independent platform for (re)insurers to consume models through, also offers insurance, reinsurance and ILS users additional tools that can help them perform their jobs of risk selection even more effectively.