Nasdaq has launched an upgraded version of its Risk Modelling service for the reinsurance industry.

The cloud-based solution enables insurers, reinsurers and brokers to access a broad range of best-of breed risk models from a number of providers through a single service. While currently focused on natural catastrophes - with models spanning earthquakes, hurricanes, floods and a number of other perils - Nasdaq said it aims to roll out the service more broadly to cover other insurance-related risks in the future.

The service is powered by the latest version of the Oasis Loss Modelling Framework, and also offers a Rest API to enable rapid integration with external systems.

“Nasdaq Risk Modelling is a unique SaaS offering which increases the choice of risk models for our clients and the industry, while simplifying operations as it removes the need for costly on premise installations,” said Matt Jones, head of catastrophe risk products at Nasdaq. “By leveraging our ecosystem to access multiple models, customers can gain a broader understanding and deepen their knowledge of catastrophe risk from perils such as flood, earthquake and hurricane.”

There are currently nine risk model providers offering models through Nasdaq Risk Modelling, including some of the industry’s largest model providers JBA Risk, CoreLogic and Impact Forecasting - with additional models and providers set to be announced in the near future.

Paul McKeown, senior vice president and head of marketplace operators and new markets at Nasdaq Market Technology, commented: “This is an important step for our evolution in the InsurTech space - the service advances our ability to accelerate innovation in the reinsurance industry as our dynamic offering enables industry participants to easily collaborate and scale their modelling.”

Nasdaq’s market technology powers more than 250 of the world’s market infrastructure organisations and market participants, including broker-dealers, exchanges, clearing houses, central securities depositories and regulators.

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