AIR Worldwide Releases Severe Thunderstorm Model for Australia
(Thomson Reuters ONE) -
For Immediate Release:
AIR Worldwide Releases Severe Thunderstorm Model for Australia
New model explicitly captures all three sub-perils-hail, tornado, and straight-
line wind
BOSTON, July 24, 2017 - Catastrophe risk modeling firm AIR Worldwide today
announced that it has released the industry's first comprehensive severe
thunderstorm model for Australia that explicitly captures all three sub-perils-
hail, tornado, and straight-line wind to help companies assess and manage severe
thunderstorm risk. AIR Worldwide is a Verisk Analytics (Nasdaq:VRSK) business.
"In Australia, insurance losses from severe thunderstorms are greater than those
from other natural perils such as earthquakes, tropical cyclones, bushfires, or
floods," said Dr. Eric Robinson, manager and principal scientist, AIR Worldwide.
"Because aggregate losses from severe thunderstorms can result in extreme
volatility in financial results, a robust view of the risk is critical for
organizations developing resilience strategies."
The AIR Severe Thunderstorm Model for Australia simulates daily severe
thunderstorm activity based on historical occurrence rates and local and
seasonal weather patterns. The daily simulation enables the model to capture
both the large outbreaks that produce insured losses in excess of AUD 10
million-the ICA threshold for a catastrophe-and smaller events that may last
only one day, but that could still impact a company's portfolio on an aggregate
basis, or a more rural portfolio on an occurrence basis.
The AIR model utilizes historical data from Australia's Bureau of Meteorology
(BOM) Severe Storms Archive, which comprises storm reports from a trained
weather spotter network. To compensate for inherent bias from eyewitness
reporting of the historical data, AIR employed a hybrid physical-statistical
method to simulate hail, straight-line wind, and tornadoes in physically
realistic locations, including areas that may not have experienced major
activity in the brief historical record. This method blends information about
atmospheric conditions conducive to severe thunderstorms with BOM storm reports
data, resulting in a spatially complete catalog of simulated events that offers
companies a more accurate view of their severe thunderstorm risk.
Thunderstorm weather systems can last for several days and affect multiple
states, but the individual tornadoes, hail swaths, and straight-line wind swaths
(the "sub-perils") that make up an outbreak may last for just minutes and affect
highly localized areas. To capture the localized effects, AIR developed high-
resolution event footprints specific to each sub-peril. Additionally, because
hailstorms, tornadoes, and straight-line windstorms inflict damage differently,
the model's damage functions are sub-peril-specific to provide more accurate
loss estimates.
The model also simulates realistically clustered severe thunderstorm outbreaks
using methodology that groups hail, wind, and tornadoes into spatially coherent
patterns-patterns that would not be possible using random sampling alone.
Dr. Robinson continued, "Loss potential is increasing as property replacement
values rise in the densely populated cities of Australia, and the number of
insurable exposures continues to grow as development expands into previously
unpopulated areas. Insurers are looking for innovative tools that can help them
better manage this growing risk by capturing the impact of both large and small
loss-causing events, as well as accounting for the highly-localized effects of
straight-line winds, hail, and tornadoes. Our new model does this by integrating
statistical modeling with the latest meteorological research."
A new suite of models for Australia (including the severe thunderstorm model and
updated models for tropical cyclone, earthquake, and bushfire) is currently
available in the CATRADER(®) Version 19 and Touchstone(®) 5.0 catastrophe risk
management systems. In addition to new and updated models, Touchstone 5.0
features a variety of enhancements to support more streamlined multitasking, and
new options for generating and working with loss results.
About AIR Worldwide
AIR Worldwide (AIR) provides risk modeling solutions that make individuals,
businesses, and society more resilient to extreme events. In 1987, AIR Worldwide
founded the catastrophe modeling industry and today models the risk from natural
catastrophes, terrorism, pandemics, casualty catastrophes, and cyber attacks,
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: 24.07.2017 - 12:07 Uhr
Sprache: Deutsch
News-ID 553580
Anzahl Zeichen: 6070
contact information:
Town:
Boston
Kategorie:
Business News
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