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AIR to Make its Catastrophe Exposure Database Schema Available as an Open StandardBoston, March 01, 2021 (GLOBE NEWSWIRE) -- Catastrophe modeling firm AIR Worldwide today announced that it is making its Catastrophe Exposure Data Exchange (CEDETM) database schema available as an open standard in order to facilitate accurate, efficient and transparent data exchange throughout the insurance value chain, allowing companies to make better risk management decisions. AIR Worldwide is a Verisk (Nasdaq:VRSK) business. “We applaud AIR’s decision to make CEDE an open standard and for their support of efforts to encourage open and transparent data standards in the insurance industry,” said Sean Ringsted, chief risk officer at Chubb. “Efficiency is critical in a competitive marketplace, and an open standard reduces friction, facilitates the transfer of data with our trading partners and encourages the use of analytics for all parties involved; ultimately improving service to our customers.” “RenaissanceRe has been a strong supporter of increasing access to exposure data to build a more risk-resilient world. We recognize AIR’s commitment to open data standards over the past three decades and we welcome this further evolution in their ongoing efforts to make data transfer as seamless as possible,” said Ian Branagan, EVP group chief risk officer at RenaissanceRe. “As the digital needs of the market evolve, there is a recognition across the industry that data standards benefit everyone and open source approaches such as AIR’s help facilitate richer business interactions.” AIR has long been a proponent of open standards and in 1993 developed UNICEDE®, a globally accepted industry data format to standardize insurance data exchange. CEDE is the open database standard developed by AIR to facilitate accurate and transparent data exchange and to encourage model development. AIR’s open data license is based on Apache 2.0, which is recognized worldwide and promotes efficiency and interoperability. The open standards license allows AIR clients and partners to use the CEDE format as n internal repository which allows for better collaboration and innovation. Additionally, AIR actively supports the Open Exposure Data Format (OED) by freely providing its CEDE format as the database structure for models running on Oasis LMF, an open source nonprofit loss modeling framework. “AIR’s exposure data schema is part of a broader industry call for open and transparent data formats, and we are proud to be a part of the solution by offering an open data standard,” said Bill Churney, president of Verisk’s AIR Worldwide. “Having an open data standard will allow the industry to adopt this common data format and more easily transfer exposure data across the insurance value chain.” About AIR Worldwide About Verisk ### For more information, contact:
Kevin Long AIR Worldwide +1-617-267-6645 [email protected] |