AIR Worldwide is making its Catastrophe Exposure Data Exchange database schema available as an open standard.

The catastrophe modelling firm has long been a proponent of open standards and in 1993 developed UNICEDE, a globally accepted industry data format to standardise insurance data exchange.

“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 recognise 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,” added Ian Branagan, EVP and 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.”

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