AIR will create its disaster exposure database schema
Boston, March 01, 2021 (GLOBE NEWSWIRE) – Disaster modeling firm AIR Worldwide announced today that it will make its Disaster Exposure Data Exchange (CEDETM) database schema available as as an open standard to facilitate accurate, efficient and transparent data exchange across the insurance value chain, enabling companies to make better risk management decisions. AIR Worldwide is a Verisk (Nasdaq: VRSK) company.
“We applaud AIR’s decision to make CEDE an open standard and for its support of efforts to encourage open and transparent data standards in the insurance industry,” said Sean Ringsted, Chief Risk Officer at Chubb. “Efficiency is essential in a competitive market, and an open standard reduces friction, facilitates the transfer of data with our business partners, and encourages the use of analytics for all parties involved; ultimately improving service to our customers. “
“RenaissanceRe has been a strong supporter of improving access to exposure data to build a more risk-resilient world. We recognize AIR’s commitment to open data standards over the past three decades and welcome this new development in their continued efforts to make the transfer of data as transparent as possible, ”said Ian Branagan, Director of the risks of the EVP group at RenaissanceRe. “As the digital needs of the marketplace evolve, the entire industry recognizes that data standards benefit everyone and that open source approaches such as AIR facilitate richer business interactions.
AIR has long been a proponent of open standards and in 1993 developed UNICEDE®, a globally accepted industry data format to standardize the exchange of insurance data. CEDE is the open database standard developed by AIR to facilitate accurate and transparent data exchange and to encourage model development. AIR’s open data license is based on Apache 2.0, which is recognized around the world and promotes efficiency and interoperability. The open standards license allows AIR customers and partners to use the CEDE format as an internal repository, which allows for better collaboration and innovation. Additionally, AIR actively supports the Open Exposure Data Format (OED) by freely providing its CEDE format as the database structure for models run on Oasis LMF, an open source nonprofit loss modeling framework.
“AIR’s exposure data schema is part of a larger industry call for open and transparent data formats, and we are proud to be part of the solution by delivering an open data standard.” said Bill Churney, president of AIR Worldwide at Verisk. “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.”
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 disaster modeling industry and today models the risk of natural disasters, terrorism, pandemics, disasters and cyber incidents. Insurance, reinsurance, finance, corporate and government clients rely on AIR’s advanced scientific, software and advisory services for disaster risk management, corporate and related securities. insurance, longevity modeling, site-specific engineering analyzes and agricultural risk management. AIR Worldwide, a Verisk (Nasdaq: VRSK) company, is headquartered in Boston with additional offices in North America, Europe and Asia. For more information, please visit www.air-worldwide.com.
Verisk (Nasdaq: VRSK) provides predictive analytics and decision support solutions to customers in the insurance, energy and specialty markets, and financial services industries. Over 70% of the FORTUNE 100 relies on the company’s cutting-edge technologies to manage risk, make better decisions, and improve operational efficiency. The company’s analytical solutions cover insurance underwriting and claims, fraud, regulatory compliance, natural resources, disasters, economic forecasting, geopolitical risks, as well as environmental, social and governance (ESG ). Celebrate 50 yearse anniversary, the company continues to make the world a better, safer and stronger world, and promotes a culture or all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently achieves certification by Great place to work. For more: Verisk.com, LinkedIn, Twitter, Facebook and Youtube.
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