Oasis CEO on Open Models, Credibility, and Catastrophe Risk
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The cat modeling ecosystem is undergoing a quiet revolution—driven by a push for transparency, flexibility, and global accessibility.
In the latest episode of the Risky Science Podcast, we sit down with Dickie Whitaker, CEO of Oasis Loss Modelling Framework, to explore how open-source infrastructure is reshaping how catastrophe models are built, evaluated, and used by insurers, reinsurers, and governments around the world.
🧩 The Three Pillars: Choice, Efficiency, Innovation
Oasis was born to create a shared modeling platform that reduces barriers to entry and encourages experimentation. Whitaker outlines the project’s founding goals—choice, efficiency, and innovation—and how open access is helping new players and developing countries build models without starting from scratch.
“It's not about being a competitor to proprietary firms like RMS or Verisk,” he explains. “It's about being part of a broader ecosystem that lets users combine models, test assumptions, and build smarter risk tools.”
🔍 Model Evaluation, Not Just Validation
One of the major themes of the conversation: trust. With more models in the market and more decision-makers relying on them, the industry is moving toward standardized evaluation frameworks.
Whitaker describes how Oasis is convening reinsurers, brokers, and academics to define consistent ways to evaluate model performance—especially for perils like flood, tropical cyclone, and severe convective storm.
“It’s not about saying a model is good or bad—it’s about asking, ‘Is this model appropriate for the use case?’”
🌍 From London to Manila: Building for Global Use
While Oasis has gained traction in Europe and among reinsurers, its growth in emerging markets is just as significant. From risk pools in Asia to partnerships in the Philippines and Costa Rica, Whitaker sees growing interest in low-cost, scalable modeling tools—especially as climate risk intensifies and regulatory pressures mount.
But progress is uneven. National insurers in many markets still rely heavily on intermediaries and lack the technical infrastructure to integrate advanced models. Whitaker is optimistic, though: “Once governments or risk pools get serious about catastrophe preparedness, you can move fast.”
⚙️ What’s Next: Cyber, Climate, and Speed
The roadmap ahead includes better support for massive portfolios, faster event simulation, and new perils like cyber. Oasis is also expanding its parametric modeling capabilities—particularly for developing countries and disaster risk financing.
And while the insurance market may not be demanding ultra-fast compute just yet, Whitaker sees it as a logical next step: “If we can make Oasis run five times faster, we should.”
🔗 Show Notes Links
- Oasis Loss Modelling Framework
https://oasislmf.org
The official site for the open-source catastrophe modeling platform. - Oasis GitHub Repository
https://github.com/OasisLMF
Access Oasis’s open-source code, tools, and documentation. - Insurance Development Forum (IDF)
https://www.insdevforum.org
Learn more about global efforts to improve risk understanding in developing economies, including Oasis-supported tools like Risk Explorer. - Oasis Risk Explorer (Oasis + IDF)
https://oasislmf.org/projects/risk-explorer
Toolkit designed to help developing countries access and use catastrophe models. - Recent Announcement: Moody’s IRP and Oasis Integration
https://www.rms.com/newsroom/press-releases (Search for relevant press release)
Details on how Oasis models can now be used on Moody’s Insurance Risk Platform (IRP).