Model for flood risk in the Philippines in the works

Oasis Loss Modelling Framework (Oasis LMF), together with the National Reinsurance Corporation of the Philippines (Nat Re), UP Disaster Risk and Exposure Assessment for Mitigation (UP-Dream), the Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) and Willis Towers Watson recently unveiled the two-year project called the Oasis Platform for Catastrophe and Climate Change Risk Assessment and Adaptation Plan in the Philippines or the Oasis Project.

This initiative envisions developing an open-access catastrophe model (cat model) for flood risk in the Philippines housed in the open-source catastrophe modelling platform Oasis.ARTICLE_MOBILE_AD_CODE

It also aims to build capacity among Philippine stakeholders on how they can use, modify and develop catastrophe models.

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Allan Santos, CEO and president of Nat Re, said, “We are pooling together the expertise of key influencers of disaster risk management and disaster risk financing and insurance from the government, the academe, and the insurance sector, all of whom have a shared vision of more disaster resilient communities. In the end, the catastrophe model that we’ll build and the capabilities that we’ll develop will be more than just new tools to augment our decision-making and risk management processes, as they will serve as tangible proof of what the government and the private sectors—particularly the insurance industry—can achieve together.” 

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