AIR Worldwide Releases Updates to its Catastrophe Risk Modeling Systems.BOSTON -- AIR Worldwide Corporation (AIR) has released updates to its CATRADER[R], CLASIC/2[TM] and CATStation[R] catastrophe risk management systems. The version 10.0 releases include a number of significant software enhancements such as quicker import of insurance-linked securities, storage and querying of non-modeled global exposure data, expanded commercial policy terms and conditions, and substantially reduced run times. "CATRADER is the industry standard application for analyzing catastrophe 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. and insurance-linked securities," said Uday Virkud, P.E., executive vice president at AIR Worldwide. "In this release, investors can easily import a new catastrophe bond 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 , including the bond's structure and any associated exposures, in a single step. This enhancement will significantly reduce data entry errors and time spent setting up new bonds." CLASIC/2 version 10.0 includes functionality to assist in the management of global exposures. Users can now import data from non-modeled countries and query aggregations of these exposures along with exposures modeled in CLASIC/2. Additionally, exposure and event information can now be exported and mapped using Google[TM] Earth. To support the accurate modeling of complex onshore on·shore adj. 1. Moving or directed toward the shore: an onshore wind. 2. Located on the shore: an onshore beacon; an onshore patrol. adv. and offshore commercial policies, AIR has expanded supported policy terms and conditions, such as the ability to set limits by coverage for sublimits and layers, and create multiple layers with separate deductibles by peril The designated contingency, risk, or hazard against which an insured seeks to protect himself or herself when purchasing a policy of insurance. Among the various types of perils for which insurance coverage is available are fire, theft, illness, and death. PERIL. . The Version 10.0 releases of CLASIC/2, CATRADER and CATStation introduce an enhanced job management component that delivers significantly improved functionality and performance. AIR's new Job Manager allows administrative users to fully leverage multi-processor and/or multi-core systems, so that multiple analyses can be run on a single machine at the same time, or more processing power can be devoted to a single analysis. Additionally, users can now assign priorities to queued jobs to ensure that the most important jobs are always run as soon as the resources they require are available. AIR's improved geocoding engine, which was released as an option in CLASIC/2 Version 9.5, is now the default geocoding engine in Version 10.0. The improved geocoding engine performs 2 to 4 times faster than the previous geocoder. Version 10.0 of CLASIC/2 also contains enhancements to AIR's U.S. hurricane, severe thunderstorm thunderstorm, violent, local atmospheric disturbance accompanied by lightning, thunder, and heavy rain, often by strong gusts of wind, and sometimes by hail. and earthquake models that reduce analysis times by 20 to 40 percent. Overall, clients can expect to reduce the time to import, geocode ge·o·code n. The demographic characterization of a neighborhood or locality, especially as used in marketing. and run an analysis by 40 to 50 percent. "As the need increases to perform more varied and detailed analyses in a shorter period of time, catastrophe modeling
About AIR Worldwide Corporation AIR Worldwide Corporation (AIR) is the scientific leader and most respected provider 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" . AIR founded the catastrophe modeling industry in 1987 and today models the risk from natural catastrophes and terrorism in more than 50 countries. More than 400 insurance, reinsurance, financial, corporate and government clients rely on AIR software and services for catastrophe risk management, insurance-linked securities, site-specific wind and seismic engineering analyses, and property replacement cost valuation. AIR is 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 and is headquartered in Boston with 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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