AIR Adds European Windstorm Model to CLASIC/2, Providing Insurers Detailed Risk Analysis Based on Physical Modeling.Business Editors/High-Tech Writers BOSTON--(BUSINESS WIRE)--Jan. 19, 2004 AIR Worldwide Corporation (AIR) today announced that its Extratropical Cyclone extratropical cyclone See under cyclone. Model for Europe has been incorporated into CLASIC/2, AIR's detailed risk modeling software system. The model, which incorporates the most complete and consistent set of atmospheric data available, is based on Numerical Weather Prediction Numerical weather prediction uses mathematical models of the atmosphere to predict the weather. Manipulating the huge datasets and performing the complex calculations necessary to do this on a resolution fine enough to make the results useful can require some of the most powerful (NWP NWP Numerical Weather Prediction NWP National Writing Project NWP Nationwide Permit NWP Northwest Passage NWP Netherlands Water Partnership NWP National Women's Party NWP New Wafd Party (Egypt) NWP Neighborhood Watch Program ), the methodology used by major meteorological me·te·or·ol·o·gy n. The science that deals with the phenomena of the atmosphere, especially weather and weather conditions. [French météorologie, from Greek agencies around the world. The model also incorporates local engineering expertise to better determine the impact of wind on structures in the 12 European countries covered. The new release of AIR's model for CLASIC/2 will enable European insurers and reinsurers, for the first time, to estimate windstorm wind·storm n. A storm with high winds or violent gusts but little or no rain. windstorm A storm with high winds or violent gusts but little or no rain. losses at the individual risk and policy level utilizing risk modeling techniques based on the actual physics of the atmosphere. Atmospheric conditions for extratropical cyclones tend to be complex, with multiple high pressure ridges, low pressure troughs, fronts, and strong jet stream winds, all interacting to produce damaging winds. NWP enables AIR's model to capture these complex atmospheric conditions and accurately depict the time-dependent, three-dimensional structure of the winds associated with extratropical cyclones. In fact, it is the vertical component of the model that enables the simulation of phenomena such as "gravity waves Gravity waves has differing meanings in differing contexts:
The damage estimation A preliminary appraisal of the potential effects of an attack. See also attack assessment. component of the AIR model is based on extensive research by AIR's engineering team using onsite analysis combined with loss data from actual storms. Variations in historical storm experience have prompted different construction techniques and building practices across the continent. AIR engineers have taken these variations into account by developing separate damage functions for each modeled country and for different regions within countries, where appropriate. "Only by using NWP and region-specific damage functions can catastrophe modelers accurately estimate losses from extratropical cyclones," said Uday Virkud, senior vice president at AIR. "Furthermore, because the most intense winds in these complex storms are typically highly localized, as was seen in storms such as Lothar and Martin, it is important to model insurance portfolios at the highest resolution possible. CLASIC/2, will accept detailed property and policy data, providing the most accurate view of the loss potential." Reinsurers have been using AIR's NWP-based European windstorm A European windstorm is a severe cyclonic storm that tracks across the North Atlantic towards northwestern Europe in the winter months. These storms usually track over the north coast of Scotland towards Norway but can veer south to affect other countries including England, Wales, model to assess risk portfolios since 2000 in CATRADER. Insurers, reinsurers and intermediaries can now use the model within CLASIC/2 to estimate loss potential down to an individual risk. Furthermore, exposures can be modeled across borders for select countries, or for all 12 countries included in the model. Model output can be used for pricing, risk selection, portfolio optimization, 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, and property replacement cost valuation. Founded in 1987, AIR offers its insurance, reinsurance, corporate and government clients a complete line of risk modeling software and consulting services that produce consistent and reliable results. Headquartered in Boston, AIR has additional offices in North America, Europe and Asia. For more information, please visit www.air-worldwide.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion