Xceedance Head of EMEA Justin Davies has published an opinion piece in The Actuary arguing for a single industry data format for catastrophe modelling.
Justin notes that reinsurers and brokers can spend millions on licence fees for cat models and are closely tied in to their chosen vendor’s data formats, making it very difficult to switch to other suppliers.
He writes: “The development of a flexible, industry-standard data format is intuitively attractive to almost everyone with experience in the cat modelling process. As more actuaries are drawn into the complex world of catastrophe modelling, data management innovations that simplify their work will be welcomed with open arms.”
To read the full article, click here.