Aon plc, a professional services firm, has announced that its Impact Forecasting team is now providing ERN’s Latin America catastrophe models to clients through the Oasis Loss Modelling Framework (Oasis LMF).
Aon’s Impact Forecasting team has integrated an expanded suite of ERN (Evaluación de Riesgos Naturales) Latin America catastrophe models into its ELEMENTS platform via Oasis LMF.
This demonstrates Aon’s commitment to open-source modelling initiatives that broaden access to catastrophe models and offer alternatives to traditional vendor options. The new models augment Aon’s existing Impact Forecasting models in Oasis LMF, which include Europe windstorm, Europe SCS, Canada flood, Europe flood, Thailand flood and the Manhattan blast model.
As climate-related fluctuations and regulatory pressures intensify, re/insurers face increasing demands to maintain reliable and flexible risk evaluations. By integrating Oasis LMF, Aon allows re/insurers to have greater oversight of their catastrophe risk models, utilising configurable tools to extract insights and make more informed decisions on risk and capital. This method reflects the unique characteristics of each re/insurer’s exposures, supporting more precise assessment and pricing.
Aon offers clients a combination of modelling expertise and technological capabilities. Through the ELEMENTS platform, users can work with Aon Impact Forecasting models alongside third-party models, providing the option to review, benchmark and merge different models for a complete view of their risk landscape.
Adam Podlaha, global head of Aon’s Impact Forecasting, commented: “Aon recognises that clients need to access catastrophe data and models through their preferred systems and platform. With our collaboration with Oasis LMF and positive conversations with software and model vendors, we continue to seek the best solutions and expand the range of models we offer to help quantify catastrophe risk for our clients. Our approach reflects Aon’s ongoing commitment to innovation, transparency and client empowerment in the evolving world of catastrophe risk management.”
Paula Ferreira, Latin America CEO, Reinsurance Solutions at Aon, added: “Emerging risks and areas of under-insurance are driving profitable growth opportunities for our clients in Latin America, but to seize these opportunities re/insurers need a clear understanding of their potential exposures. In this regard, these additional models from ERN are enabling us to deliver increasingly accurate assessments, tailored solutions and exceptional service to clients, ultimately shaping better business decisions.”
Aon Impact Forecasting enables insurers to adapt catastrophe models to their individual risk profile, using proprietary claims and exposure data to refine damage and vulnerability functions based on historical loss experience. For example, the US severe convective storm (SCS) model, the most up-to-date SCS model available, supports custom vulnerability curves that better reflect specific portfolios.
Users can also access model hazard and event data, providing transparency into model components and supporting confidence in modelling outcomes. Beyond the insurance industry, Aon extends its open modelling efforts to disaster risk reduction and risk financing for public sector and corporate clients.
This includes Aon’s role as a founding partner of the Insurance Development Forum, where Impact Forecasting has contributed free-to-use scenarios in Oasis LMF and event sets for typhoons and earthquakes to the Oasis Risk Explorer. Aon has also worked with development banks on projects including multi-peril models for Vietnam and Nepal.
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