(Image source: NASA.)
Catastrophe modeling firm AIR Worldwide (Boston) has announced that it has published its Catastrophe Exposure Data Exchange (CEDETM) database schema publicly, with the stated aim of facilitating accurate and transparent data exchange throughout the insurance value chain more efficiently, and encouraging additional analytics on a greater number of exposures. CEDE is the open-source database format developed by AIR.
“The (re)insurance industry is striving to introduce more efficiency into their catastrophe modeling workflows, and one way we can help is to facilitate transparency by providing a truly open and public exposure data schema,” comments Bill Churney, president, AIR Worldwide. “This is a schema that is familiar to the market; it has been used by our clients for more than two decades and does not require anyone to adapt to a new standard. With this truly open schema and a robust set of APIs, we are pleased to offer the market a solution they can use to streamline their modeling workflows immediately.”
AIR asserts having long been a proponent of open standards, citing its1993 development of the UNICEDE data format, which was made available to the industry. As context for making its database scheme open and fully accessible to the public online, AIR’s notes that its software platforms were the first to be certified by ACORD for the implementation of the ACORD property exposure standards. AIR further notes its active support of the ModEx 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.
“Across the insurance industry, as less time is spent converting formats or ensuring consistency among data sets, stakeholders will have more time to focus on improving the quality of their underlying data and making better risk management decisions,” comments Bill Pieroni, CEO, ACORD. “We applaud the release of AIR’s exposure data schema as part of a broader industry call for open and transparent data formats, and we’re pleased to be working alongside the premier organization facilitating the exchange of global exposure data.”
Removing Unnecessary Barriers
“Open data standards remove unnecessary barriers and facilitate both the understanding of catastrophe risk and the robustness of model results,” adds AIR’s Churney. “Making CEDE publicly available offers companies the opportunity to transfer risk more efficiently and to a wider audience. New entrants into the catastrophe modeling space can adopt CEDE to increase usability and achieve faster go-to-market speeds.”