Oasis Innovation Hub for Catastrophe and Climate Extremes Risk Assessment

Description

Globally, there is increased concern about the potential impacts of extreme climate events and their impact on loss and damage of people, assets and property as a result of these events. Therefore, natural partners in using climate services to assess risk are the Global Insurance Sector, who are key implementers in increasing societies' resilience and recovery of extreme events and who are integral, co-design partners in this programme.
This project intends to operationalize a system, called the Oasis Loss Modelling Framework (LMF), that combines climate services with damage and loss information and provides a standardised risk assessment process that can:

assess potential losses,
areas at most risk, and
quantify financial losses of modelled scenarios.

The project intends to prove the Oasis LMF system through undertaking a range of demonstrators linked and co-designed to "real" situations and end-user communities in the insurance, municipalities and business sectors (see list of partners & collaborators). These demonstrators have already been agreed with the end-users and develop work in the following areas:

hydro-climatic risk (in the Danube Region),
Typhoon Risk,
African Farmer Risk – through using climate information to support the underwriting of micro-insurance,
climate vs health, and
climate vs forest asset risk assessment.

The project also intends to further expand access by all sectors to the models, tools and services developed within this programme and the broader climate services sector by operationalizing an open eMarket place and matchmaking facility for catastrophe and climate data and models, tools and services and through broadening awareness in the climate modelling and end-users communities to the Framework, and the transparent and comparable standard it offers to support evidence based risk assessment and adaptation planning.

H2020_Insurance is affiliated with the Oasis Hub.