A recent press release reports, “Catastrophe modeling firm AIR Worldwide today announced that it has published its Catastrophe Exposure Data Exchange (CEDETM) database schema publicly, to facilitate accurate and transparent data exchange throughout the insurance value chain more efficiently, and to encourage additional analytics on a greater number of exposures. CEDE is the open-source database format developed by AIR. AIR Worldwide is a Verisk business.”

Bill Churney, president of AIR Worldwide, commented, “The (re)insurance industry is striving to introduce more efficiency into their catastrophe modeling workflows, and one way we can help is to facilitate transparency by providing a truly open and public exposure data schema… This is a schema that is familiar to the market; it has been used by our clients for more than two decades and does not require anyone to adapt to a new standard.  With this truly open schema and a robust set of APIs, we are pleased to offer the market a solution they can use to streamline their modeling workflows immediately.”

The release goes on, “AIR has long been a proponent of open standards and in 1993 developed the UNICEDE® data format, which was made available to the industry. AIR’s software platforms were the first to be certified by ACORD for the implementation of the ACORD property exposure standards, and today, AIR’s exposure database schema is open and fully accessible to the public online. In addition, AIR is actively supporting the ModEx 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.”

Read more at Nasdaq.

Image used under license from Shutterstock.com