AIR Catastrophe Risk Engineering Services Enable Risk Managers, Insurers and Property Owners to Assess the Financial Impact of Catastrophes on Individual Structures.Business Editors SAN DIEGO--(BUSINESS WIRE)--April 19, 2004 AIR Worldwide Corporation (AIR) announces the launch of Catastrophe Risk Engineering, a new consultative service that analyzes high value or strategically significant properties to estimate potential human, financial and property losses in the event of a catastrophe. AIR's Catastrophe Risk Engineering analyzes the risk from terrorism, earthquakes and severe windstorms to help corporations and insurers develop strategies to minimize the impact of extreme events on mission critical structures. "Catastrophe Risk Engineering provides much more than a run-of-the-mill probable maximum loss Probable Maximum Loss (PML) The anticipated value of the largest loss that could result from the destruction and the loss of use of property, given the normal functioning of protective features (firewalls, sprinklers, and a responsive fire department, among others, in the or engineering analysis. It entails a detailed, scientific and engineering analysis that couples the likelihood of extreme events impacting specific structures with an in-depth evaluation of the consequences," said S. Ming Lee, senior vice president at AIR Worldwide Corporation. "Catastrophe Risk Engineering helps clients make informed decisions about their most valuable or critical properties." Results from a Catastrophe Risk Engineering analysis can be used to evaluate and potentially lower the cost of property and workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. insurance by identifying appropriate loss-mitigation measures. In addition, results can be used to perform cost/benefit analyses of proposed retrofit ret·ro·fit v. ret·ro·fit·ted or ret·ro·fit, ret·ro·fit·ting, ret·ro·fits v.tr. 1. To provide (a jet, automobile, computer, or factory, for example) with parts, devices, or equipment not in measures, assess potential business interruption losses and evaluate the life-safety qualities of structures. AIR's Catastrophe Risk Engineering is designed for risk managers, insurers and property owners. It takes a multi-pronged approach, combining site surveys, risk modeling and engineering analysis to assess the risks from these extreme events: -- Terrorism - In partnership with Michael Stapleton Associates, an on-site security analysis is conducted to identify existing counter-terrorism measures and recommend additional security measures at the property. The results are analyzed using AIR's Terrorism Loss Estimation Model to determine the impact of existing and proposed security measures Noun 1. security measures - measures taken as a precaution against theft or espionage or sabotage etc.; "military security has been stepped up since the recent uprising" security on potential property and casualty losses from a terrorist act on or near the structure. -- Earthquake - AIR engineers perform an on-site structure inspection and a thorough review of blueprints to understand the true nature of the structure's vulnerability to ground motion. After a three-dimensional computer analysis, reliable estimates of potential losses are made based on how the structure will respond to seismic waves seismic wave Vibration generated by an earthquake, explosion, or similar phenomenon and propagated within the Earth or along its surface. Earthquakes generate two principal types of waves: body waves, which travel within the Earth, and surface waves, which travel along the of different intensity. -- Severe wind - Using advanced engineering principles, AIR conducts a detailed analysis to determine a building's response to severe winds. The analysis considers all aspects of the wind hazard affecting the building, as well as individual building characteristics, such as the construction type, roof covering, cladding The plastic or glass sheath that is fused to and surrounds the core of an optical fiber. The cladding's mirror-like coating keeps the light waves reflected inside the core. The cladding is covered with a protective outer jacket. See fiber optics glossary. , and window protection. "AIR's Catastrophe Risk Engineering provides tangible results that can be immediately applied to risk professionals' most pressing decisions regarding extreme events," Lee continued. "By employing advanced decision analysis techniques that enable clients to choose rationally among risk management alternatives, Catastrophe Risk Engineering positively impacts a corporations bottom line and long-term viability." 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. Founded in 1987, AIR offers 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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