AIR's Mediterranean Region Earthquake Model Now Available in CLASIC/2.BOSTON -- AIR Worldwide Corporation (AIR) today announced its Mediterranean Region Earthquake Model is now available in its detailed risk modeling software system, CLASIC/2(TM). The update enables European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. primary insurers, brokers, and reinsurers to more accurately estimate earthquake losses by incorporating risk specific information, such as building characteristics and policy conditions. AIR's Mediterranean Region Earthquake Model, first released in 2001, includes Italy, Portugal, Greece, Turkey, and Israel. "This region is capable of producing very large earthquakes," said Dr. Jayanta Guin, AIR vice president of research and modeling. "The most recent example is the magnitude 7.4 earthquake that struck Izmit, Turkey in 1999, killing more than 15,000 and destroying more than 75,000 housing units. Earthquakes of much lower magnitude can also produce significant losses due to the nature of the building stock, particularly across southern Europe Southern Europe or sometimes Mediterranean Europe is a region of the European continent. There is no clear definition of the term which can vary depending on whether geographic, cultural, linguistic or historical factors are taken into account. ." In 1997, a series of four earthquakes in Italy ranging in magnitude from 5.3 to 6.4 left 40,000 people homeless and caused $4.5 billion in total damage. Building quality varies widely in this region and the design and construction of individual buildings play a very important role in how structures will react to the ground motion caused by an earthquake. To account for the variations in building stock and construction codes in the region, AIR has developed detailed damage functions specific to construction types in each modeled country. CLASIC/2 enables insurers to model earthquake losses at the location level by incorporating highly detailed information on each risk, such as age, occupancy, structural details, and other risk-specific information. Risk-specific modeling is available to insurers with detailed information about individual properties. If risk-specific data is not available, post code and CRESTA-level data import is also supported. Furthermore, aggregate data can be automatically distributed to higher resolution in CLASIC/2 for more detailed analysis. Since its initial release, reinsurers have been using AIR's Mediterranean Region Earthquake Model in AIR's CATRADER(R) system to assess their portfolio risk. Insurers, reinsurers and intermediaries can now run location-level analyses within CLASIC/2 that incorporate detailed policy conditions. Model output can be used for a variety of risk management decision-making, including pricing, portfolio optimization optimization Field of applied mathematics whose principles and methods are used to solve quantitative problems in disciplines including physics, biology, engineering, and economics. , and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. buying. About AIR Worldwide Corporation AIR Worldwide Corporation (AIR) is a leading risk modeling company helping clients manage the financial impact of catastrophes and weather. Utilizing the latest science and technology, AIR models natural catastrophes in more than 40 countries and the risk from terrorism in the United States A common definition of terrorism is the systematic use or threatened use of violence to intimidate a population or government and thereby effect political, religious, or ideological change. . Other areas of expertise include site-specific seismic engineering analysis, catastrophe bonds catastrophe bond A debt security with a payoff tied to the relative severity of a natural disaster such as a hurricane or earthquake. Bondholders are paid with insurance premiums but may have to accept reduced principal repayment in the event the specified , and property replacement cost valuation. A member of the ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. family of companies, AIR was founded in 1987 to provide its insurance, reinsurance, corporate, and government clients a complete line of risk modeling software and consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" that produce consistent and reliable results. Headquartered in Boston, AIR has additional offices in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe, and Asia. For more information, please visit www.air-worldwide.com. |
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