Open-source catastrophe risk modeling: How can we do it better?

Workshop description

This workshop will bring together people actively developing open source code for different components of wind, earthquake and flood risk models with people interested in catastrophe risk modeling and with experience in developing open-source software. Risk models for natural hazards are a key component of the property catastrophe insurance market, an important tool for emergency managers, and are likely to become increasingly important for risk assessment by public and private companies. Catastrophe risk models derived from open source code could be a valuable tool that would complement existing proprietary and public risk models.

Workshop presentations on the first day will discuss open-source software, explore the evolution and use of risk modeling, and provide overviews of ongoing development efforts. The second day will be devoted to breakout sessions and plenary discussions of the commonalities, differences, and feasibility of a more formal effort to develop open-source risk models. The final morning will entail a discussion of potential next steps in promoting the open source effort.

Workshop goals

The goals of the workshop will be to: 1) assess the need and desirability of developing an open-source risk model, and 2) identify a steering committee that will take the next steps to best promote the development of the model.

Who would attend the workshop?

The workshop should interest engineers, scientists, public servants, and individuals in the private sector interested in risk modeling. Private sector participants would include individuals from risk modeling, insurance, reinsurance, and/or banking/financial companies. Participants from the public sector would likely include emergency managers and insurance regulators from state agencies and federal government. Individuals from countries outside the U.S. are also invited to participate. Attendance at the workshop will be limited due to funding and logistical constraints.

A $75 registration fee for the workshop will entitle the registrant to lunches, refreshments, and a workbook.

For further information contact:

¹The Risk Prediction Initiative (RPI) is a science-business partnership at the Bermuda Biological Station for Research, Inc. (BBSR). The RPI is sponsored by a group of insurance and reinsurance companies. BBSR is a non-profit U.S. research institution based in Bermuda.