The Insurance Development Forum (IDF) Risk Modelling Steering Group (RMSG) has launched a new webpage providing free access to a range of risk modelling tools aimed at improving global understanding and quantification of climate and disaster risks.
The initiative addresses demands from the private sector and vulnerable nations for wider access to risk information. Improved risk understanding is seen as a way to help countries manage their exposures more effectively, prioritise risk management measures, and attract investment to support economic stability.
In addition to the new tools, the IDF RMSG has released a collection of case studies highlighting the use of parametric insurance solutions in regions vulnerable to climate and disaster risks. Examples include drought protection for hydropower facilities in South Africa and disaster recovery measures for the Mesoamerican Reef.
The development of the tools was funded by IDF insurance industry members, including AIG, Aon, AXA, Convex Insurance, Guy Carpenter, Howden, RenaissanceRe, SCOR, and WTW. Several tools were developed in partnership with Oasis and Maximum Information. The launch reflects ongoing collaboration between public and private sector organisations, including re/insurers, modelling firms, development banks, and global risk initiatives.
The tools are expected to support capability-building initiatives such as the Global Risk Modelling Alliance (GRMA), led by the IDF. They will be presented at the Oasis Insight Conference in London, scheduled for April 30 to May 1, 2025, as part of discussions on how the insurance sector can assist developing countries with risk management and resilience planning.
Among the tools available are the Oasis Risk Explorer, an interactive guide for designing parametric insurance solutions for flood and drought risks, and the Global Exposure Model, which provides dynamic global building exposure data. Other tools include CatRiskTools, a catalogue of catastrophe risk models by country and peril, and the Oasis Scenario Modelling and Benefit-Cost Assessment, which supports decision-making on resilience investments.
The Risk Pooling Tool illustrates the potential advantages of combining risks across multiple perils and regions. The Open Access Model Library offers a repository of open-source models, and the Resilient Planet Data Hub provides a global portal for multi-sector risk data, developed in partnership with the University of Oxford and the UN Office for Disaster Risk Reduction. The Open Data Transformation Framework facilitates the standardisation of exposure data formats across modelling platforms.
The case studies compiled by the IDF RMSG demonstrate how parametric insurance solutions have been applied to a range of contexts. These include protection for hydropower production in South Africa, insurance coverage for Jamaican credit unions against hurricane impacts, a funding mechanism for reef restoration following storms, telecommunications infrastructure protection in Papua New Guinea, and drought coverage for countries in the Sahel region through the World Food Programme.
Jeff Manson, member of the IDF Operating Committee and co-chair of the IDF RMSG, said the new tools aim to lower barriers to accessing risk information and support better risk management decisions. He added that the case studies illustrate how greater risk understanding can contribute to building financial resilience in vulnerable communities.
