AIR Publishes Its Catastrophe Exposure Data Schema Publicly
BOSTON, Jul 01, 2019 - (ACN Newswire) - Catastrophe modeling firm AIR Worldwide today announced that it has published its Catastrophe Exposure Data Exchange (CEDETM) database schema publicly, to facilitate accurate and transparent data exchange throughout the insurance value chain more efficiently, and to encourage additional analytics on a greater number of exposures. CEDE is the open-source database format developed by AIR. AIR Worldwide is a Verisk (Nasdaq:VRSK) business.
"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," said 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 has long been a proponent of open standards and in 1993 developed the UNICEDE(R) data format, which was made available to the industry. AIR's software platforms were the first to be certified by ACORD for the implementation of the ACORD property exposure standards, and today, AIR's exposure database schema is open and fully accessible to the public online. In addition, AIR is actively supporting 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," said 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."
Churney concluded, "Open data standards remove unnecessary barriers and facilitate both the understanding of catastrophe risk and the robustness of model results. 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."
About AIR Worldwide
AIR Worldwide (AIR) provides risk modeling solutions that make individuals, businesses, and society more resilient to extreme events. In 1987, AIR Worldwide founded the catastrophe modeling industry and today models the risk from natural catastrophes, terrorism, pandemics, casualty catastrophes, and cyber incidents. Insurance, reinsurance, financial, corporate, and government clients rely on AIR's advanced science, software, and consulting services for catastrophe risk management, insurance-linked securities, longevity modeling, site-specific engineering analyses, and agricultural risk management. AIR Worldwide, a Verisk (Nasdaq:VRSK) business, is headquartered in Boston, with additional offices in North America, Europe, and Asia. For more information, please visit www.air-worldwide.com.
For more information, contact: Kevin Long AIR Worldwide +1-617-267-6645 klong@air-worldwide.com
Source: AIR Worldwide
Copyright ©2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
|
Latest Release
SPARX Group Establishes Space Frontiers Second Fund Apr 29, 2024 18:49 JST
| MHI Establishes Local Subsidiary "Mitsubishi Heavy Industries Vietnam" Apr 29, 2024 18:00 JST
| POSCO Future M and Honda Reach Basic Agreement on Collaboration for Production of Cathode Materials for Automotive Batteries in Canada Apr 29, 2024 14:25 JST
| Honda Plans to Establish Comprehensive Electric Vehicle Value Chain in Ontario, Canada Apr 29, 2024 14:16 JST
| JCB enables JCB Contactless acceptance at Taichung MRT in Taiwan Apr 26, 2024 10:00 JST
| Mazda Production and Sales Results for March 2024 and for April 2023 through March 2024 Apr 25, 2024 18:21 JST
| MHI Begins Operation of SOEC Test Module the Next-Generation High-Efficiency Hydrogen Production Technology at Takasago Hydrogen Park Apr 25, 2024 17:45 JST
| GAC Honda to Begin Sales of All-new e:NP2, the Second Model of e:N Series Apr 25, 2024 16:50 JST
| Toyota Exhibiting at Beijing Motor Show 2024 Apr 25, 2024 16:25 JST
| Honda Reaches Basic Agreement with Asahi Kasei on Collaboration for Production of Battery Separators for Automotive Batteries in Canada Apr 25, 2024 11:10 JST
| UNIQLO Sponsors KAWS + Warhol Exhibition Tour, Starting in Pittsburgh Apr 25, 2024 09:00 JST
| Mitsubishi Power Begins Commercial Operation of Seventh M701JAC Gas Turbine in Thailand GTCC Project; Achieves 75,000 AOH To-Date Apr 24, 2024 17:19 JST
| MC and Denka Sign J/V Agreement in Fullerene Business Apr 24, 2024 17:02 JST
| Mitsubishi Motors Posts Record Sales in the Philippines in FY2023 Apr 24, 2024 13:56 JST
| NEC Develops High-speed Generative AI Large Language Models (LLM) with World-class Performance Apr 24, 2024 13:25 JST
| Fujitsu SX Survey reveals key success factors for sustainability Apr 23, 2024 10:25 JST
| Fujitsu and METRON collaborate to drive ESG success: slashing energy costs, boosting productivity with new manufacturing industry solutions Apr 22, 2024 16:09 JST
| NEC Strengthens Commitment to Space Industry with Investment in Seraphim Space Venture Fund II Apr 22, 2024 15:09 JST
| Soft Space Launches the First and Only JCB Payment Gateway in Malaysia Apr 22, 2024 15:00 JST
| TOYOTA GAZOO Racing takes a one-two in Croatian thriller Apr 22, 2024 10:47 JST
|
More Latest Release >>
|