AIR Worldwide Significantly Expands Its Model Coverage for Southeast Asia
(Thomson Reuters ONE) -
For Immediate Release:
AIR Worldwide Significantly Expands Its Model Coverage for Southeast Asia
Enhancements include tsunami and storm surge modeling and support for new
lines, including industrial facilities, infrastructure, and marine risks
BOSTON, June 20, 2016 - Catastrophe risk modeling firm AIR Worldwide (AIR) today
announced that it has significantly expanded and enhanced its earthquake and
typhoon models for Southeast Asia to provide insurers with a comprehensive and
up-to-date view of risk in this region. The new earthquake model features the
ability to account for the tsunami and liquefaction subperils for Indonesia, the
Philippines, and Taiwan. The updated typhoon model features a new precipitation-
induced flooding module built using high-resolution data and also a
probabilistic storm surge module for Hong Kong, the Philippines, and Taiwan.
Additionally, the model domain has been expanded to include the following
countries and territories: Guam, Macau, Saipan, and Vietnam for typhoon risk;
and Hong Kong, Macau, Vietnam, Singapore, Thailand, Brunei, and Malaysia for
earthquake risk. AIR Worldwide is a Verisk Analytics (Nasdaq:VRSK) business.
"As one of the largest primary insurers across Southeast Asia, it's in our best
interest to use a comprehensive risk management tool to better understand and
quantify natural catastrophe risk in this region," said Takuya Yano, head of the
risk management team for the International Supervisory Department of Mitsui
Sumitomo Insurance. "We look forward to using AIR's models because their scope
of model development covers not only updates to existing models but also
includes expanded territories and countries, new lines of business, and new
subperils such as tsunami and storm surge. We believe that the upcoming AIR
models will give us new and valuable insights for addressing natural disaster
risk in Southeast Asia."
"We're very proud of our ability to understand and interpret catastrophe models
when writing insurance and reinsurance across the world," said Hajime Sano, head
of catastrophe analytics at Sompo Risk Management & Health Care Inc. "We look
forward to leveraging the new AIR models that will allow us to create our view
of risk from earthquakes, typhoons and their associated sub-perils in Southeast
Asia, thereby improving our catastrophe risk management."
"Southeast Asia has some of the fastest-growing economies. Located partly on the
Ring of Fire, it's seismically one of the most active regions in the world, with
earthquakes of magnitude 8.0 or larger occurring once every eight to ten years,
on average," said Dr. Jayanta Guin, executive vice president and chief research
officer at AIR Worldwide. "On the atmospheric side, more than 25 tropical
cyclones typically form each year in the Northwest Pacific. A wealth of data has
become available due to the number of catastrophes in this region, and AIR
scientists have been conducting extensive research over the past ten years to
better understand these events. The results are enhanced catastrophe models that
will provide insurers and industry stakeholders with the most advanced view of
shake, tsunami, liquefaction, wind, precipitation-induced flooding, and storm
surge risk in Southeast Asia."
With the incorporation of the latest historical seismic data from all global and
local sources, active fault data, GPS data on crustal deformation, use of high-
resolution soil maps to assess the potential for liquefaction, and damage survey
data from recent earthquakes, the AIR Earthquake Model for Southeast Asia
provides the most current view of risk. Additionally, the model benefited from
thorough peer review of the hazard and vulnerability modules.
The AIR Typhoon Model for Southeast Asia-part of AIR's Northwest Pacific
Basinwide Typhoon Model-provides a probabilistic approach for determining the
likelihood of losses from typhoon winds, precipitation-induced flooding, and
storm surge. The model incorporates cutting-edge science that best reflects the
current understanding of the behavior of tropical cyclones in the Northwest
Pacific Basin along with the latest engineering research into the response of
local construction. Loss data from the Southeast Asia insurance market was used
to validate model results.
To ensure the most robust and scientifically rigorous results possible, the AIR
models have been built from the ground up, with each model component
independently validated against multiple sources and data from historical
events. Additionally, both the AIR Earthquake Model for Southeast Asia and the
AIR Typhoon Model for Southeast Asia incorporate highly detailed industry
exposure databases at 1-km grid resolution, accounting for each country's unique
building practices. Both models also incorporate findings from studies of local
building codes, damage surveys, loss experience data, and structural engineering
research. They contain information on the most recent risk counts, replacement
values, occupancies, and construction types of insurable structures, including
builder's risk. Industrial facilities and tall buildings are among the highest-
value risks in Southeast Asia and account for a significant portion of insured
value in these countries. The AIR models have separate damage functions for
industrial facilities and tall buildings.
"This has been one of our most comprehensive model expansions to date," said Dr.
Milan Simic, managing director of international operations at AIR Worldwide. "We
believe that our significant effort will provide clients with a better
understanding of the risk and therefore a distinct advantage when writing
business in this region. Furthermore, only a fraction of the total economic risk
from natural disasters is covered by the insurance industry today, particularly
in Asia. We're confident that the adoption of our innovative new models will
help narrow the protection gap by providing the industry with the necessary
tools to better understand and manage catastrophe risk in this part of the
world."
The models for Southeast Asia are currently available in the CATRADER® Version
18 and Touchstone® 4.0 catastrophe risk management systems. In addition to new
and updated models, Touchstone 4.0 features a variety of enhancements designed
to improve performance, workflow efficiency, and the overall user experience.
About AIR Worldwide
AIR Worldwide (AIR) provides catastrophe risk modeling solutions that make
individuals, businesses, and society more resilient. AIR founded the catastrophe
modeling industry in 1987, and today models the risk from natural catastrophes
and terrorism globally. Insurance, reinsurance, financial, corporate, and
government clients rely on AIR's advanced science, software, and consulting
services for catastrophe risk management, insurance-linked securities, site-
specific 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#2021372]
Unternehmensinformation / Kurzprofil:
Datum: 20.06.2016 - 11:08 Uhr
Sprache: Deutsch
News-ID 478653
Anzahl Zeichen: 8520
contact information:
Town:
Boston
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 266 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"AIR Worldwide Significantly Expands Its Model Coverage for Southeast Asia"
steht unter der journalistisch-redaktionellen Verantwortung von
AIR Worldwide (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
