FEMA Selects AIR Worldwide's Flood Model to Better Understand the NFIP's Risk to Flood Loss and Improve Resilience from Extreme Events
(Thomson Reuters ONE) -
For Immediate Release:
FEMA Selects AIR Worldwide's Flood Model to Better Understand the NFIP's Risk
to Flood Loss and Improve Resilience from Extreme Events
BOSTON, Nov. 13, 2017 - Catastrophe modeling firm AIR Worldwide announced that
the Federal Emergency Management Agency (FEMA) has selected AIR's innovative
Inland Flood and Storm Surge Models for the United States to better understand
the National Flood Insurance Program's (NFIP) loss potential. AIR Worldwide is a
Verisk (Nasdaq:VRSK) business.
In licensing the AIR flood model, FEMA is leveraging a probabilistic modeling
approach to assess the flood program's overall risk and potential payouts to
property owners. The model will also be used to help the NFIP evaluate
actuarially sound rates for its policies and to assess the impacts of major
flooding events in real time.
"AIR is looking forward to assisting FEMA in its efforts to create safer, more
resilient communities by reducing loss of life and property and lessen the
financial impact of disasters on the nation," said Rob Newbold, executive vice
president at AIR Worldwide. "Our models and software will help FEMA understand
the NFIP's exposure to flood loss, which will not only help evaluate effective
insurance and risk-transfer alternatives but also assess potential damage and
losses as floods occur."
The AIR U.S. Flood Model, released in 2014, provides the most detailed
probabilistic tool available for assessing and managing inland flood risk at
high resolution for locations on and off the many and varied river networks and
floodplains across the United States. Insurance companies are currently using
AIR's inland flood model to offer flood insurance products in the private
market.
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
(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: 13.11.2017 - 13:10 Uhr
Sprache: Deutsch
News-ID 567851
Anzahl Zeichen: 3582
contact information:
Town:
Boston
Kategorie:
Business News
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"FEMA Selects AIR Worldwide's Flood Model to Better Understand the NFIP's Risk to Flood Loss and Improve Resilience from Extreme Events"
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