Future Release of AIR Worldwide's Touchstone to Include Noncatastrophe Risk Analysis
(Thomson Reuters ONE) -
For Immediate Release:
Future Release of AIR Worldwide's Touchstone to Include Noncatastrophe Risk
Analysis
MONTE CARLO, Monaco & BOSTON, Sept. 9, 2013 - Catastrophe modeling firm AIR
Worldwide today announced its next generation software platform, Touchstone,
will include the ability to account for both catastrophe and noncatastrophe risk
in a single platform to provide companies with a more comprehensive view of
their risk.
Underwriters often need to address both catastrophe and noncatastrophe perils.
Ideally, the valuation of noncatastrophe perils will be based on detailed,
location-level exposure data similar to the workflow for detailed catastrophe
modeling. Adding noncatastrophe analytics to Touchstone will allow companies to
analyze the noncatastrophe risk of property exposures using the same exposure
data that has been input for catastrophe modeling. With Touchstone, users can
manage both, in one streamlined workflow, making analysis of individual direct
and facultative accounts and per risk reinsurance portfolios much easier and
more efficient, saving them valuable time.
"AIR can leverage the vast resources of Verisk Analytics [Nasdaq:VRSK], our
parent company, as we expand the capabilities and functionality of Touchstone to
meet the evolving needs of our clients," said Ming Lee, president & CEO of AIR
Worldwide. "That expansion includes incorporating Verisk's unique and valuable
information into our modeling platform - such as ISO advisory prospective loss
costs, and ISO's Commercial Property Size-of-Loss Database (PSOLD), which
includes more than one million severity curves that show expected loss for
various policy limits."
ISO's loss costs and PSOLD will be seamlessly integrated into Touchstone, and
ISO noncatastrophe information for both insurance and reinsurance pricing
analysis will be available and can easily be combined with modeled catastrophe
losses for a more comprehensive underwriting solution. The combined workflow is
particularly important when assessing submissions of portfolios or other data
sets with many locations, as is routinely the case with binder reporting, treaty
underwriting, and individual account (direct and facultative ) submissions.
Lee commented, "We envision that in future releases of Touchstone, companies
will have the ability to add their own loss cost data for individual locations,
both inside and outside of the U.S.; and to enter adjustments to loss costs
based on their specific exposures."
Noncatastrophe risk is sometimes referred to as fire risk because fire is the
dominant noncatastrophe peril (others include: lightning, explosion, vandalism,
sprinkler leakage, fallen trees, and wind, etc.). Within Touchstone, users will
be able to perform the following noncatastrophe analyses:
* Calculate noncatastrophe expected losses for each location within an
exposure data set
* Distribute noncatastrophe expected losses into excess of loss layers
* Launch catastrophe and noncatastrophe analysis for the same exposure data
* View and export both catastrophe and noncatastrophe analysis results
Touchstone, which was introduced in January 2013, has gained wide acceptance
across the marketplace by some of the largest insurers, reinsurers, and
intermediaries. These companies are already experiencing the benefits of
Touchstone, which offers unparalleled performance and sophisticated geospatial
tools to help companies assess risk in all regions, including those for which
detailed models do not yet exist. In addition, solutions to manage non-modeled
sources of loss are well under way - including flood hazard maps for high risk
regions that will enable companies to manage their accumulations and make better
underwriting decisions.
Lee concluded, "The next generation of catastrophe modeling must offer solutions
that empower companies, not hold them captive. Our vision for Touchstone is
driven by our goal to provide the broadest range of analytics and services to
help our clients develop a comprehensive risk management strategy, beyond our
traditional focus on catastrophe events. That includes noncatastrophe loss
information from ISO as well as analytics from other Verisk companies such as
AER and Xactware, which will supplement the catastrophe loss analyses companies
are undertaking today."
About AIR Worldwide
AIR Worldwide (AIR) is the scientific leader and most respected provider of risk
modeling software and consulting services. AIR founded the catastrophe modeling
industry in 1987 and today models the risk from natural catastrophes and
terrorism in more than 90 countries. More than 400 insurance, reinsurance,
financial, corporate, and government clients rely on AIR software and services
for catastrophe risk management, insurance-linked securities, detailed site-
specific wind and seismic engineering analyses, and agricultural risk
management. AIR is a member of the Verisk Insurance Solutions group at Verisk
Analytics (Nasdaq:VRSK) and is headquartered in Boston with additional offices
in North America, Europe, and Asia. For more information, please visit www.air-
worldwide.com.
###
For more information, contact:
Kevin Long
AIR Worldwide
617-267-6645
klong(at)air-worldwide.com
This announcement is distributed by Thomson Reuters on behalf of
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: AIR Worldwide via Thomson Reuters ONE
[HUG#1727568]
Unternehmensinformation / Kurzprofil:
Datum: 09.09.2013 - 06:30 Uhr
Sprache: Deutsch
News-ID 294425
Anzahl Zeichen: 6437
contact information:
Town:
Boston
Kategorie:
Business News
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