AIR Worldwide Expands Its Global Pandemic Model
(Thomson Reuters ONE) -
For Immediate Release:
AIR Worldwide Expands Its Global Pandemic Model
World Bank Selects AIR to Model the Innovative Pandemic Emergency Financing
Facility
BOSTON, July 25, 2016 - Catastrophe risk modeling firm AIR Worldwide (AIR)
announced that it has significantly expanded its Global Pandemic Model to
include outbreaks of six additional diseases. The model now explicitly accounts
for nine pathogens, including bacterial and viral diseases, in addition to
previously modeled influenza, coronaviruses (such as those responsible for SARS
and MERS), and filoviruses (including Ebola and Marburg). AIR also announced
that the World Bank Group has selected AIR to model the innovative new Pandemic
Emergency Financing Facility (PEF). AIR Worldwide is a Verisk Analytics
(Nasdaq:VRSK) business.
"Large-scale infectious disease pandemics can cause millions of deaths and
billions-or even trillions-of dollars in economic and insured losses," said Doug
Fullam, Associate of the Society of Actuaries, senior manager of life and health
modeling at AIR Worldwide. "The possible frequency and scale of these perils are
shifting as global connectivity grows, animal habitats alter, medical
advancements continue, the population ages, and the climate changes. It's
important to assess the potential risk to today's life and health portfolios."
The AIR Global Pandemic Model update includes the addition of two pathogens from
the Bunyaviridae viral family [Rift Valley fever virus (RVFV) and Crimean-Congo
hemorrhagic fever virus (CCHFV)], Lassa (hemorrhagic) fever (LHF) from the
Arenaviridae viral family, and bacterial-pathogens-associated cholera (Vibrio
cholera), plague (Yersinia pestis), and meningococcal meningitis (Neisseria
meningitidis). All simulated outbreaks in the AIR model can originate anywhere
in the world, and AIR models the impact to 24,000 municipalities covering all
corners of the world.
AIR also announced that it is collaborating with the World Bank on the expected
launch of the Pandemic Emergency Financing Facility (PEF), an innovative, fast-
disbursing global financing mechanism designed to protect the world against
deadly pandemics. The PEF includes an insurance window, which combines funding
from the reinsurance and/or insurance-linked securities markets, as well as a
complementary cash window. This is expected to be the first time the World Bank
issues a financial instrument to combat infectious diseases. According to the
World Bank, in the event of an outbreak, the PEF is expected to release funds
quickly to countries and qualified international responding agencies.
"The analytic structure and modeling are the bedrock of risk-transfer programs
like the PEF," said Priya Basu, manager, Development Finance, World Bank. "We're
confident that AIR Worldwide's analytical and execution capabilities can help
ensure that funds mobilized by the PEF are able to help prevent rare, high-
severity outbreaks from becoming more deadly and costly pandemics."
Fullam concluded, "Modeling plays a crucial role in developing a facility such
as the PEF. Emerging infectious diseases pose some of the biggest threats to the
life and health of people around the globe, and AIR models can help
organizations anticipate the drivers of mortality and morbidity risk to
facilitate optimal risk management, risk transfer, and risk mitigation decisions
to help them better prepare financially and, more important, on a humanitarian
level."
The Global Pandemic Model is currently available in the CATRADER(®) Version 18
catastrophe risk management software.
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,
terrorism, and pandemics 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#2030222]
Unternehmensinformation / Kurzprofil:
Datum: 25.07.2016 - 13:44 Uhr
Sprache: Deutsch
News-ID 485101
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Town:
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Kategorie:
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