Exposure data sharing to be made easier
There’s welcome news this week that will help the insurance industry bring better analytics to bear on flooding and other catastrophic risks. Catastrophe modeling firm AIR Worldwide has announced it is making its Catastrophe Exposure Data Exchange (CEDETM) database schema available as an open standard. This is expected to better facilitate accurate, efficient, and transparent data exchange throughout the insurance value chain, allowing companies to make better risk management decisions.
It was back in 1993 that AIR first developed UNICEDE®, a globally accepted industry data format to standardize insurance data exchange. Its CEDE is the open database standard developed by AIR to facilitate accurate and transparent exposure data exchange and to encourage model development.
AIR’s open data license is based on Apache 2.0, which is recognized worldwide and promotes efficiency and interoperability. The open standards license allows AIR clients and partners to use the CEDE format as an internal repository which allows for better collaboration and innovation. AIR is also actively supporting the Open Exposure Data Format (OED) by freely providing its CEDE format as the database structure for models running on Oasis LMF, an open source nonprofit loss modeling framework.
“AIR’s exposure data schema is part of a broader industry call for open and transparent data formats, and we are proud to be a part of the solution by offering an open data standard,” said Bill Churney, president of Verisk’s AIR Worldwide in a company release. “Having an open data standard will allow the industry to adopt this common data format and more easily transfer exposure data across the insurance value chain.”
LMA Newsletter of 3-22-21