AIR Worldwide Estimates Global Catastrophe Loss Potential
(Thomson Reuters ONE) -
For Immediate Release:
AIR Worldwide Estimates Global Catastrophe Loss Potential
Findings highlight significant gap between insured and economic losses from
disasters
BOSTON, Sept. 15, 2015 - Catastrophe modeling firm AIR Worldwide (AIR) today
released its "2015 Global Modeled Catastrophe Losses" report, detailing key loss
metrics from AIR's global industry exceedance probability (EP) curve. Based on
the report, AIR estimates that the 1 percent aggregate exceedance probability
insured loss (or the 100-year return period loss) is approximately $233 billion
USD, and the global insured average annual loss is about $74 billion USD. The
2015 report bases its global loss metrics on perils and regions currently
modeled by AIR, including new models and updates released during 2015, as well
as updated industry exposure databases. AIR Worldwide is a Verisk Analytics
(Nasdaq:VRSK) business.
"AIR's global industry exceedance probability curve can be used to obtain a
comprehensive and meaningful view of potential losses and help put actual losses
into context," said Bill Churney, chief operating officer, AIR Worldwide. "This
is the real value of having credible catastrophe models across multiple perils
and regions that can be analyzed together seamlessly - to better anticipate
possible global outcomes, including future catastrophes and future years that
may produce losses exceeding any historical amounts."
Unique to the 2015 report is AIR's presentation of global EP metrics on both an
insured and insurable basis, where insurable loss metrics include all exposures
eligible for insurance coverage assuming standard limits and deductibles,
regardless of whether they are actually insured. Also newly added in the 2015
report are estimates of global economic average annual losses from catastrophes,
which can often vastly exceed insured losses depending on the region and peril.
"By providing both global insured and insurable loss estimates based on the EP
curve, the gap between covered and eligible exposures becomes evident,
suggesting opportunities for the insurance industry to offer essential
protection to vulnerable home and business owners, in addition to avenues of
potential business growth," commented Churney. "While this gap is very
pronounced in Asia, a gap remains even in the U.S., where a significant portion
of earthquake and flood risk is not insured. Economic loss estimates can be used
to facilitate public risk financing and the development of regional resiliency
plans to help societies better prepare for catastrophes and reduce the ultimate
costs."
Churney concluded, "The ability to take a comprehensive global view can give
insurers and reinsurers greater confidence that the risk they have assumed is
risk they can afford to take. The global EP curves generated with AIR software
can give companies the knowledge with which to benchmark and better manage
catastrophe risk in more than 90 countries worldwide."
A full version of the report can be found on AIR Worldwide's website at:
www.air-worldwide.com/Publications/White-Papers/documents/2015-Global-Modeled-
Catastrophe-Losses/
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
01-617-267-6645
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#1951937]
Unternehmensinformation / Kurzprofil:
Datum: 15.09.2015 - 08:02 Uhr
Sprache: Deutsch
News-ID 420007
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contact information:
Town:
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Kategorie:
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