AIR Worldwide Expands Its Terrorism Model Globally
(Thomson Reuters ONE) -
For Immediate Release:
AIR Worldwide Expands Its Terrorism Model Globally
BOSTON, September 12, 2016 - Catastrophe risk modeling firm AIR Worldwide (AIR)
announced that it has expanded the capabilities of its terrorism risk model to
support scenario testing for the United States and 27 other select countries to
help companies assess the impact of different attack scenarios on their
portfolios and better manage their global terrorism risk. AIR Worldwide is a
Verisk Analytics (Nasdaq:VRSK) business.
"The AIR Terrorism Model now supports deterministic modeling of conventional
weapon attacks in countries across the globe," said Shane Latchman, assistant
vice president at AIR Worldwide. "In addition, in this latest release, estimates
of the frequency of attacks in AIR's probabilistic U.S. Terrorism Model have
been updated to reflect the current threat. Together, the updated model provides
a comprehensive view of the global terrorism risk landscape."
AIR's Touchstone(®) platform enables users to conduct deterministic loss
analyses, a method of terrorism risk assessment that estimates losses to
property and workers' compensation policies from defined attack scenarios. In
Touchstone 4.0, released in June, AIR's deterministic terrorism loss modeling
capabilities have been expanded to include 27 countries in addition to the
United States: Australia, Belgium, Brazil, Canada, China, Colombia, France,
Germany, Greece, India, Indonesia, Ireland, Israel, Italy, Japan, Kenya,
Lebanon, Mexico, the Netherlands, the Philippines, Russia, Singapore, South
Africa, Spain, Thailand, Turkey, and the United Kingdom.
Users can select a property from within their own portfolio, one of the targets
in AIR's U.S. landmark database, or any user-identified target and then select a
weapon type, such as a truck bomb, to test "what if" scenarios. AIR has
developed robust damage functions to help companies understand the impact on
their insured exposures given the size of the blast and urban density indices.
The loss estimation functionality complements existing accumulations management
capabilities within Touchstone, including dynamic ring analysis, for property
and workers' compensation exposures.
To estimate attack frequencies, the probabilistic AIR U.S. Terrorism Model
incorporates newly updated and detailed operational threat assessments made by a
team of counterterrorism experts with decades of experience working for the FBI,
CIA, Department of Defense, and other government bodies. And AIR has updated its
comprehensive database of potential targets to include additional U.S. corporate
headquarters, professional sports stadiums, prominent buildings, and hotels. The
database of more than 64,000 targets includes approximately 100 "trophy" targets
associated with a higher probability of attack.
AIR has also recently integrated terrorism risk index maps from sister company
Verisk Maplecroft as a hazard layer into Touchstone. The indices provide an
assessment of terrorism risk at a subnational level based on terrorism incident
data and severity of attacks during a specific reporting period.
"Modeling this complex and dynamic global threat requires a comprehensive
solution," said Rob Newbold, executive vice president at AIR Worldwide. "A
complete terrorism risk analysis must include three components: accumulations
analysis, deterministic analysis, and probabilistic loss analysis. Touchstone
offers all three."
Probabilistic modeling capabilities are currently available in the Touchstone
4.0 and CATRADER(®) Version 18 catastrophe risk management systems. The
deterministic modeling solution for countries outside the United States is
featured in Touchstone 4.0.
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 Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: AIR Worldwide via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 12.09.2016 - 08:12 Uhr
Sprache: Deutsch
News-ID 494045
Anzahl Zeichen: 5524
contact information:
Town:
Boston
Kategorie:
Business News
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