AIR's U.S. Hurricane Model Certified by the Florida Commission for the Eleventh Consecutive Year.BOSTON -- AIR Worldwide Corporation (AIR) today announced the certification of its 2007 U.S. Hurricane Model by the Florida Commission on Hurricane Loss Projection Methodology (FCHLPM FCHLPM Florida Commission on Hurricane Loss Projection Methodology ). Models are certified on an annual basis by the FCHLPM for use by insurers for residential rate filing. This marks the eleventh consecutive year that AIR has met the rigorous standards of the FCHLPM since its inception in 1996. "Once again, AIR successfully met all of the standards set forth by the Florida Commission on Hurricane Loss Projection Methodology, which affirms AIR's approach to integrating new science and data through its annual update process," said David Lalonde, senior vice president at AIR. "Achieving the modeling standards set forth by the FCHLPM is important to the insurance industry. Our clients look to the FCHLPM process as an additional source of validation for the models." In an effort to provide insurers with the most reliable loss estimates possible, AIR updates its Atlantic basinwide hurricane model every year. In addition to updating the historical storm catalog to include the storms from both the 2005 and 2006 hurricane seasons Hurricane season refers to a period in a year when hurricanes usually form. For more information see: Tropical cyclone#Times of formation. For a lists of past seasons, see:
In accordance with the FCHLPM's updated guidelines, this year's submission included the impact of demand surge, which is the increase in the cost of materials, services, and labor due to increased demand following a catastrophic event. AIR's 2007 U.S. Hurricane Model will be available in Version 9.0 of CLASIC/2[TM], CATRADER[R], and CATStation[R] catastrophe risk management systems. 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. An 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. business, AIR was founded in 1987 to provide its insurance, 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. , 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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