Climate-KIC’s Oasis project named ‘Innovation of the Year’

The Oasis Loss Modelling Framework, a Climate-KIC project, has been named Innovation of the Year at the London Market Awards 2014.

The project is a software arena where state-of-the-art extreme weather models are combined with models of damage and financial loss. It has produced a tool open to anyone with an interest in creating new catastrophe risk models. Modules for specific catastrophes are available commercially.

Oasis has received €2.8m in funding from Climate-KIC. Last month, Climate-KIC announced that it will be taking Oasis a step further this year by including the concept in one of its four new flagship programmes totalling €100m.

The resulting ‘Oasis+’ programme brings together the world’s leading insurers, reinsurers, ICT businesses and weather modellers to make insurance for extreme weather events more accessible and precise.

Although the insurance industry is expected to be the main user of Oasis, the package is useful to anyone interested in natural catastrophes, not just in the financial services, but also risk managers in large corporations, governments, and intergovernmental bodies.