AIR Worldwide Announces Crop Hail Model for Canada
(Thomson Reuters ONE) -
For Immediate Release:
AIR Worldwide Announces Crop Hail Model for Canada
The industry's first probabilistic model to capture the effects of hail on
Canadian crops
BOSTON, June 26, 2017 - Catastrophe risk modeling firm AIR Worldwide today
announced that it has released its Crop Hail Model for Canada to give
stakeholders across the crop insurance value chain a probabilistic view of crop
hail risk in Canada. Through AIR's 10,000 simulations of potential annual hail
activity, insurers and reinsurers are able to assess the likelihood of a wide
range of losses, including larger losses than have been experienced by the
industry, providing a complete view of risk to crop hail portfolios. AIR is a
Verisk Analytics (Nasdaq:VRSK) business.
"Hail is a significant peril in Canada, causing damage to crops as well as to
property and vehicles," said Ken Doleman, president and CEO, Palliser Insurance
Company. "A thorough understanding of this complex peril is evident in the new,
sophisticated crop hail model from AIR. This innovative model will help us make
better underwriting decisions and model our portfolios more reliably. As a
result, we can provide the best hail policies to protect the farm customer's
hard work."
The catalog of simulated events for the AIR crop hail model does not rely
exclusively on records of past hail events and weather patterns; it also
includes extreme, but realistic events outside the historical record that could
have occurred given daily atmospheric conditions experienced during recent
years.
The model's probabilistic view of potential hail activity provides a robust view
of the risk of loss for the coming season to crop hail contracts in Alberta,
British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Prince Edward
Island, Quebec, and Saskatchewan.
The model takes into consideration the unique impacts hail can have on various
types of crops, including barley, canola, corn, flax, lentil, oats, pea, potato,
soybean, and wheat, which are each explicitly modeled. Losses to all other
Canadian crops are modeled implicitly.
"While severe thunderstorms with large hailstones can destroy entire crop
fields, even smaller storms with smaller hailstones can critically injure
plants, tearing leaves or bruising stems, and thus put a dent in crop yield,"
said Dr. Jeffrey Amthor, principal scientist, AIR Worldwide. "AIR's new crop
hail model provides an in-depth understanding of where crop hail damage occurs
in Canada and why and how crop damage varies by crop species and developmental
stage."
Users of AIR's Crop Hail Model for the United States will now have an expanded
view of North American crop hail risk because the models for Canada and the U.S.
leverage the same 10,000-year hail catalog, with a domain that covers the
contiguous United States and nine southernmost Canadian provinces.
Dr. Amthor continued, "The continuity will be particularly useful for insurers
and reinsurers that underwrite exposures in both the U.S. and Canada and for
brokers that prepare submissions for companies in both countries. Although
straight hail insurance policies are currently written only for the Canadian
Prairie provinces, the model accounts for six other Canadian provinces with crop
exposure. In addition, because the AIR Crop Hail Model for Canada and the AIR
Severe Thunderstorm Model for Canada use the same hail catalog, users of AIR's
CATRADER software can easily evaluate combined property and crop losses annually
by province."
In addition to the introduction of the Crop Hail Model for Canada, AIR completed
an update to the Multiple Peril Crop Insurance Model for China, which is
included in CATRADER(®) 19.0. The historical catalog was updated to include
historical experience through 2015, for both crops and forests. The model's crop
industry exposure database was also updated using the most recently available
China Statistical Yearbook, which is current up to 2015. Additionally, policy
conditions were updated to reflect 2016 values. The update introduces two new
features: comprehensive forestry loss estimates to better estimate losses to
insurance policies that offer comprehensive coverage (including wind, fire, and
disease/pest perils) and a new custom loss catalog, allowing users for the first
time to input a custom set of deductibles and estimate losses in real-time.
The Crop Hail Model for Canada is currently available in CATRADER Version 19.
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
+1-617-267-6645
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: 26.06.2017 - 12:07 Uhr
Sprache: Deutsch
News-ID 549773
Anzahl Zeichen: 6407
contact information:
Town:
Boston
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 199 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"AIR Worldwide Announces Crop Hail Model for Canada"
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).
