Risk modelling Steering Group (RMSG)
The RMSG is dedicated to improving global understanding and quantification of natural hazards and disaster risk through the use, development and sharing of the re/insurance sector’s catastrophe risk modelling capability.
Enhanced risk understanding will lead to a much higher standard of decision making in resilient investment, residual risk transfer and anticipatory action, and will deliver the confidence required to grow markets. Open-source risk modelling platforms and open data standards are the key to this essential spread of risk insight.
The priority activities of the RMSG are organised in three related thematic areas:
Improvement of modelling infrastructure
- Building efficiency and reducing cost and duplication in the risk modelling and data ecosystem through continuous development of open platforms, an industry-wide interoperability programme and advocacy of open standards. This includes support to the Oasis open platform ecosystem and humanitarian risk modelling.
Delivery of content and capability
- Responding to strong sovereign demand for the offer of the IDF co-founded Global Risk Modelling Alliance (GRMA).
- Building sovereign capability in finance-aware risk analytics.
- Filling critical model and data gaps.
The IDF’s RMSG conceived the GRMA. It provides the co-leadership of the programme and private sector technical expertise in the GRMA team, in partnership with its colleagues in the ISF programme at Frankfurt School.
Advocacy
- RMSG is delivering a wide programme of advocacy for the adoption of industry risk modelling practices using open standards and accessible tools. Through a combination of events and knowledge resources engagements have included government policymakers, public sector practitioners, and a targeted programme with regulators in partnership with the IAIS.
Implementation Work Highlights:
- Partnership and work with the Oasis Loss Modelling Framework, financed by the IDF industry members, to drive greater access and easier utilisation for public sector and re/insurers, of this open-source catastrophe modelling platform.
- Work with EMDE countries through the Global Risk Modelling Alliance (GRMA), to deliver access and capability in climate and disaster risk insight to build resilience.
- Working directly with countries.
- Working as a key partner initiative Global Shield Against Climate Risks, to support EMDEs with essential modelling work, and including capability development as well as model/data content.
Advocacy and Engagement Work Highlight:
- Contributing to represent the IDF objectives and work at own IDF events and external conferences, including roundtables for insurance supervisors and regulators, COP conferences and others.
- Driving production of public good publications such as “The Development Impact of Risk Analytics”
Helpful links
Risk Modelling Steering Group (RMSG) Leadership
Partners
Member companies that support RMSG’s programmes.
Working Group members
AIG Re
Allianz
Aon
Aon Impact Forecasting
ARC
Asian Development Bank
Aviva
AXA Climate
AXA Group Risk Management
AXA Risk Consulting
Bank of England
Brit Insurance
CatRisks
Celsius Pro
CGFI
Chaucer
Convex
Core Logic
Fathom
FCDO
FSD Africa
Gallagher Re
GEM
Geneva Association
Global Shield against Climate Risks
Google Floodhub
Group on Earth Observations
Guy Carpenter
Hannover Re
Image Cat Inc
Howden Group
Imperial College
InsuResilience Solutions Fund
JBA Consulting
JBA Risk
KatRisk
KfW
Liberty Mutual
Lloyd’s of London
Moody’s
MS Amlin
Munich Re
Nasdaq
Oasis Loss Modelling Framework
Practical Action
Prudential Africa
RenaissanceRe
Renew Risk
SCOR
START Network
Swiss Re
The Institutes
UNDRR
UNDP
UNU/MCII
Verisk
WFP
WTW
WMO
World Bank (GFDRR and CDRFI)
Xceedance
Zurich Insurance Group
Documents
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