AIR Expands Catastrophe Modeling Capabilities for Life, Accident and Health, and Disability Insurers Internationally.BOSTON -- AIR Worldwide Corporation (AIR) today announced the international expansion of its catastrophe modeling
"AIR is expanding the geographic scope of its life modeling capabilities in response to increased demand by insurers internationally," said Uday Virkud, senior vice president at AIR Worldwide Corporation. "As December's tragic earthquake and tsunami in the Indian Ocean Indian Ocean, third largest ocean, c.28,350,000 sq mi (73,427,000 sq km), extending from S Asia to Antarctica and from E Africa to SE Australia; it is c.4,000 mi (6,400 km) wide at the equator. It constitutes about 20% of the world's total ocean area. demonstrated, natural disasters have the potential to cause very large loss of life. Earthquakes are particularly lethal, as witnessed by the 1999 Taiwan earthquake that caused 3,400 deaths, the 1995 Kobe earthquake that caused more than 6,000 deaths, and the 1976 earthquake in China that killed more than 250,000 people." AIR recently completed a catastrophe risk analysis for the Taiwan life portfolio of a major international insurer. AIR's innovative analysis, which covered approximately 20 percent of the population of Taiwan, enables the client to effectively manage exposure concentrations in high-risk areas and to make more informed decisions regarding 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. purchasing and risk retention. A number of leading life insurers have incorporated catastrophe risk analysis into their overall risk management approach. Practices such as determining where insured lives are located with respect to catastrophe risk, exploring worst-case scenarios, and reviewing portfolio loss potential probabilistically prob·a·bil·is·tic adj. 1. Of, relating to, or based on probabilism. 2. Of, based on, or affected by probability, randomness, or chance: "The Big Bang universe is . . . are enabling life insurers to better understand and manage their catastrophe risk. 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. 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 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. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion