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Climate-related risks have become increasingly prominent in recent years, highlighting the urgent need to improve the accuracy of climate risk assessment. Recognizing this imperative, the European Insurance and Occupational Pensions Authority (EIOPA) organized a thought-provoking webinar, "Opening the World of Catastrophe Models," on May 17th. The event aimed to promote open-source models and facilitate climate change risk modeling and management.

The webinar, held from 13:00 to 17:00 CET, provided an opportunity for attendees to delve into the future of climate risk assessment. One of the key highlights of the event was the unveiling of the CLIMADA-app, an innovative tool developed to support climate risk analysis. Additionally, several other initiatives promoting open-source approaches were presented, reinforcing the importance of collaboration and knowledge sharing in addressing climate-related challenges.

Among the speakers at the webinar was GEM Secretary General John Schneider. John shared GEM's pioneering efforts in the field of open-source models. He discussed GEM as a public-private partnership working collaboratively and globally to develop and apply earthquake hazard and risk models and as a developer of the OpenQuake tools and datasets that are made openly available to the research and risk management communities.

He highlighted how GEM's OpenQuake Engine software has been a  major enabler of  ‘open data, and open access’ in the field of earthquake hazard and risk modeling. Similarly, by developing a collaboration network and providing open-source tools and models, it is possible to enhance the accuracy of climate risk assessment and to benefit various stakeholders, including policyholders, the insurance industry, supervisory bodies, and the public sector.

The event was a call to action, inviting participants to join the collective efforts in building a more resilient future. By leveraging open-source tools and models and embracing collaboration, it becomes possible to tackle climate risks more effectively. The importance of open data and open access cannot be overstated, as they allow for transparency, inclusivity, and the availability of critical information to stakeholders at all levels.

The Opening the World of Catastrophe Models webinar provided a platform for dialogue, knowledge exchange, and the exploration of innovative solutions. EIOPA's commitment to promoting open-source models and fostering a collaborative environment was apparent throughout the webinar. By bringing together experts, policymakers, and industry professionals, the webinar laid the foundation for a comprehensive and forward-thinking approach to climate risk assessment.

As climate change continues to pose significant challenges, it is essential to stay informed, adaptable, and proactive. The insights shared by GEM Secretary General John Schneider and other esteemed speakers at the webinar serve as a catalyst for change. By embracing open-source models and harnessing the power of collaboration, we can pave the way for a more resilient future, better equipped to address the complex and evolving nature of climate-related risks.