AIR Worldwide Updates Earthquake Models for South America
(Thomson Reuters ONE) -
For Immediate Release:
AIR Worldwide Updates Earthquake Models for South America
Enhancements include tsunami modeling and support for new lines, including
industrial facilities, infrastructure, and builder's risk
BOSTON, July 28, 2015 - Catastrophe risk modeling firm AIR Worldwide (AIR)
announced that it has updated its earthquake models for South America based on a
wealth of new data and research on seismic risk in the region. The models now
enable the analysis of high-value industrial facilities, builder's risk, and
public infrastructure. Modeled perils have been expanded to include liquefaction
and tsunami, in addition to the most current understanding of ground shaking in
South America. The model domain has also been expanded to include Ecuador, along
with existing models for Chile, Peru, Colombia, and Venezuela. The enhanced
models will provide insurers, reinsurers, and other stakeholders with the most
comprehensive view of earthquake risk in South America and can also be used to
satisfy regulatory requirements that base capital reserves on probabilistic loss
estimates. AIR Worldwide is a Verisk Analytics (Nasdaq:VRSK) business.
"AIR's earthquake models for South America are an excellent method of estimating
the seismic vulnerability of a portfolio specific to the insurance industry in a
simple and practical way," said peer reviewer Dr. Ing. Jorge Olarte Navarro,
profesor del Departamento Académico de Estructuras, Facultad de Ingeniería
Civil, Universidad Nacional de Ingeniería, Lima, Perú.
Located on the circum-Pacific belt, or the Ring of Fire, South America has a
long history of seismic activity and has given rise to some of the world's
largest earthquakes. More than a dozen damaging earthquakes have occurred there
since 2007, including the powerful 2010 Maule and 2014 Iquique events. A wealth
of data has become available since the magnitude 8.8 Maule earthquake occurred
off the coast of Chile, and AIR seismologists have since been conducting
research into the resulting transfer of seismic stress and the impact of that
stress transfer on the probability of other destructive earthquakes occurring in
nearby regions. To develop a time-dependent view of seismicity, AIR scientists
have augmented historical earthquake data with more than 20 years of GPS data to
reveal areas of strain accumulation and relaxation. The new AIR time-dependent
seismicity model is a significant advance over other earthquake hazard models
for the region.
In addition to the revised view of seismicity, the models feature extensive
updates to the local intensity, vulnerability, and loss calculation components.
Updated ground motion prediction equations use new, high-resolution soil maps to
capture shaking intensity. Groundwater data is used to assess the potential for
liquefaction, which is now modeled explicitly for major cities - the areas with
the greatest concentration of exposure. Earthquakes off South America's Pacific
coast also have the potential to trigger tsunamis that can greatly increase the
damage and loss. Following AIR's introduction of tsunami models for Japan and
Canada, the new South America earthquake models provide the industry's first
comprehensive view of tsunami risk for the entire coastline.
The AIR earthquake models for South America estimate losses to residential,
commercial, and industrial assets and to automobiles. The calculations have been
tailored to each country's unique building practices and have been peer-reviewed
by local experts at leading South American institutions. The models incorporate
findings from damage surveys, studies of local building codes, detailed claims
data analysis, and structural engineering research. In addition, the models
feature new damage functions for high-value industrial facilities, builder's
risk, and public infrastructure to provide a comprehensive view of risk.
"We've employed several innovative methodologies to achieve a comprehensive view
of South America's complex seismicity and the vulnerability of its building
stock," said Dr. Mehrdad Mahdyiar, P.E., vice president and senior director,
earthquake hazard, AIR Worldwide. "By covering earthquake-triggered perils such
as tsunami and liquefaction in addition to ground shaking, AIR's new earthquake
models give companies a distinct advantage in preparing for the next great
earthquake in the region."
The earthquake models for South America are currently available in the
Touchstone(®) 3.0 and CATRADER(®) 17 catastrophe risk management systems.
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 Worldwide, a Verisk Analytics (Nasdaq:VRSK) business, 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 GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(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 GlobeNewswire
[HUG#1941586]
Unternehmensinformation / Kurzprofil:
Datum: 28.07.2015 - 11:13 Uhr
Sprache: Deutsch
News-ID 409494
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