AIR Worldwide's Earthquake Model for Colombia Approved by Colombia Insurance Regulator
(Thomson Reuters ONE) -
For Immediate Release:
AIR Worldwide's Earthquake Model for Colombia Approved
by Colombia Insurance Regulator
BOSTON, Feb. 14, 2017 - Catastrophe modeling firm AIR Worldwide (AIR) today
announced that its earthquake model for Colombia has been approved by the
country's insurance regulator, the Superintendencia Financiera de Colombia, for
use by domestic insurance companies in managing their earthquake risk. AIR
Worldwide is a Verisk Analytics (Nasdaq:VRSK) business.
The Colombian government has worked for several years to develop new policies
that protect the solvency of the domestic insurance industry while making the
reserving process more transparent. As with Solvency II, Colombia has adopted
the best practice of tying reserve capital to an analytical measure of a
company's exposure to catastrophic loss from earthquakes. With the passing of
several regulatory decrees, the Colombian Ministry of Finance and the
Superintendencia Financiera require companies to use an approved catastrophe
model to calculate the maximum probable loss and pure risk premium associated
with each company's portfolio.
"With this new approval, local insurers can work directly with AIR Worldwide and
obtain expert modeling services and direct access to the models to satisfy
regulatory requirements while giving companies a distinct advantage in preparing
for the next earthquake in the region," said Rob Newbold, executive vice
president at AIR Worldwide.
Insurers will be able to take advantage of AIR's recently updated model for
Colombia, which incorporates the latest scientific data and is the first to
provide an integrated view of loss due to ground shaking, tsunami, and
liquefaction. The model features new damage functions for high-value industrial
facilities, builder's risk, and public infrastructure to provide a comprehensive
view of risk, and it allows for the remodeling of historical events such as the
1999 earthquake that caused significant damage to the city of Armenia in
Colombia's coffee growing region.
"To continue to protect the strong growth of South America's insurance markets,
regulators are largely moving to establish model-based capital requirements more
reflective of the actual risk faced by the region," continued Newbold. "AIR's
innovative approach to modeling earthquake risk in South America has now been
approved by two regional regulators, having been first approved by the Peruvian
insurance regulator, Superintendencia de Banca y Seguros (SBS), in December of
2015. The AIR model can now be used in Colombia to better manage risk and
satisfy regulatory requirements that base capital reserves on probabilistic loss
estimates."
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, cyber attacks, 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
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