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The Insurance Development Forum (IDF) Risk Modelling Steering Group (RMSG) has Designed to advance climate and disaster risk understanding and quantification of disaster risk globally, open access to these tools responds to the needs expressed by private sector and vulnerable nations alike, for greater open access to risk information. Greater risk understanding enables nations to better manage their risks and make more informed decisions to prioritize risk management measures, which in turn facilitates the flow of investment where it is needed most, fueling progress to more stable economies.

In addition to these tools, the IDF RMSG has curated a collection of , showcasing real-world applications of parametric solutions in regions vulnerable to climate and other disaster risks. These case studies highlight how innovative insurance structures are helping to protect infrastructure, financial systems, and communities-ranging from drought protection for hydropower in South Africa to rapid disaster response for the Mesoamerican Reef.

The development of the tools was funded by IDF insurance industry members AIG, Aon, AXA, Convex Insurance, Guy Carpenter, Howden, RenaissanceRe, SCOR and WTW. IDF has partnered in developing several of the tools with Oasis and with Maximum Information. This launch is proof of the power of collaboration among IDF partners across the public and private sectors, including major (re)insurers, modelling firms, development banks, and global risk initiatives.

The tools are freely available through the IDF and will be used in risk analytics capability development, via the IDF-spearheaded and other initiatives. The tools will be presented at the , where they will feature in demonstrating how the insurance industry can support developing countries' needs in risk understanding and management.

Tools and capabilities

The following tools are now available on the new IDF RMSG web page:

• - An interactive step-by-step guide to understanding parametric insurance solution design, for flood and drought in collaboration with Maximum Information and Oasis.
• - Provides global open, dynamically-updated building exposure data for risk analytics, in collaboration with GFZ Potsdam and Oasis.
• - A catalogue of country-peril catastrophe risk models.
• - Online workflows to enhance catastrophe model decision-making and assess the return on investments in resilience.
• - A tool demonstrating multi-peril and multi-region loss combinations to assess the benefits of risk pooling.
• - A repository of open-source models on the Oasis Loss Modelling Framework.
• - A global open-data portal for multi-peril and multi-sector risk data, jointly founded by the IDF, University of Oxford, and the UN Office for Disaster Risk Reduction.
• - A tool to convert exposure data between OED and other data formats for seamless analysis across modelling platforms.

Real-world applications: Parametric Insurance Case Studies

IDF RMSG Members have also compiled a series of demonstrating successful parametric insurance applications, including:

• - Protection against revenue loss due to drought using satellite data and weather stations.
• - Payouts for hurricane-related loan defaults using the proprietary FatTrackTM methodology.
• - Scalable funding mechanism for reef restoration following hurricane impacts.
• - Earthquake-triggered payouts for rapid submarine fibre optic cable repair.
• - Regional drought coverage for Burkina Faso, Mali, and Niger, complementing national-level risk financing.

Jeff Manson, Member of IDF Operating Committee and Co-Chair of the IDF Risk Modelling Steering Group; Senior Vice President, Underwriting, Head of Global Public Sector Partnership, RenaissanceRe, said:

"The launch of these tools, which are founded on re/insurance expertise, marks a major milestone in the Insurance Development Forum's commitment to making high-quality risk analytics and data accessible to all. By ensuring these capabilities are open and freely available, we lower the financial barrier to entry and enable governments, businesses, and communities to better understand and manage their risks, ultimately leading to more resilient societies. The addition of parametric insurance case studies demonstrates how risk understanding translates into real-world solutions, helping to build financial resilience for vulnerable communities and accelerate disaster recovery. This is the culmination of collaborative efforts across public and private sector members of the IDF and we look forward to continued progress in closing the risk knowledge gap."