On September 5th and 6th, GEM Secretary General John Schneider attended a Loss Modeling Conference in London called “The good, the bad and the ugly”. The event was organized by OASIS, a non-profit company that has developed the Loss Modelling Framework, an open access cat modelling platform, free to use by anyone.
The conference focused on the development and application of cat models, and was attended by around 200 leading experts in catastrophe risk modelling together with experts in risk management and the applications of cat models within the insurance sector. The conference had a mix of plenary and breakout sessions, with themes devoted to different aspects of cat models, such as correlation, uncertainty, validation, vulnerability, and financial loss, as well as case study examples for earthquake, severe storm and flood.
The format was particularly successful in stimulating discussion between model users and model developers, and clearly demonstrated the increasing level of interest in addressing complex issues and appreciation for different approaches in the development and application of risk models. The use of GEM databases and the OpenQuake platform was highlighted by many participants. For your interest, a set of presentation slides is available via dropbox: