AIR's Enhanced ALERT Service Enables Insurers to Better Manage Catastrophe Risk in Real Time.BOSTON -- AIR Worldwide Corporation (AIR) has added key new features to its ALERT(TM) website to further improve insurers' ability to manage their hurricane risk as events unfold. ALERT, which stands for AIR Loss Estimates in Real Time, is a Web-based service that provides insurers with up-to-date information and loss estimates for major catastrophes worldwide. "ALERT is an indispensable tool as a hurricane is approaching," said Michael Cratem, vice president at Sunshine State Insurance Company. "It keeps me well-informed at a critical time for our company, allowing me to set expectations for my investors and management. Specifically, ALERT determines if our 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. is adequate and helps us manage reserves. Additionally, ALERT's highly localized information allows me to understand where to suspend or continue writing business, and how to most effectively deploy claims resources." For approaching hurricanes, AIR simulates the actual storm parameters and likely tracks provided by the National Hurricane Center The U.S. National Hurricane Center, located at Florida International University in Miami, Florida, is the division of National Weather Service's Tropical Prediction Center responsible for tracking and predicting the likely behavior of tropical depressions, tropical storms and to produce scenarios of potential losses. Starting in 2005, AIR will post a range of scenarios with associated loss exceedance ex·ceed·ance n. The amount by which something, especially a pollutant, exceeds a standard or permissible measurement. Noun 1. probabilities. For users of AIR's CLASIC/2(TM) and CATRADER(R) software, ALERT provides event sets that can be downloaded to analyze losses specific to client portfolios, including the effect of demand surge on an occurrence or aggregate basis. After each landfalling hurricane, AIR dispatches a team of engineers to assess the damage caused by the storm. Starting in 2005, AIR will utilize the findings of post-disaster surveys and officially recorded wind speeds to reconstruct the wind fields for each storm. The reconstructed wind field will enable companies to further refine their loss estimates after the storm. Also new for 2005, ALERT will be available to 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. clients through ISONet. 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 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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