Tag: AIR

AIR Worldwide Updates Estimates of Insured Value of U.S. Coastal Properties

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research

BOSTON, June 3, 2013 – Catastrophe modeling firm AIR Worldwide has released an update to its “The Coastline at Risk” report. The update presents and discusses AIR’s most recent estimates of the insured value of residential and commercial properties in states along the Eastern Seaboard and Gulf Coast of the United States. While above-average sea surface temperatures in the last nearly two decades have elevated hurricane activity in the open Atlantic, there is a far more certain driver of U.S. hurricane risk that the insurance industry faces. It is the…

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M6.3 Earthquake Strikes Iran Coast near Nuclear Plant, Minimal Insured Losses Expected

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Iran Earthquake

According to catastrophe modeling firm AIR Worldwide, this morning, an M6.3 earthquake struck 55 miles southeast of Bandar Bushehr near Iran’s southwest coast, however insurance losses are expected to be minimal. According to the United States Geological Survey (USGS), the earthquake occurred at 3:22 p.m. local time (11:52:50 UTC) and struck at a depth of 10 kilometers (6 miles). The main shock was followed by six aftershocks, according to the Iran Seismological Centre, the strongest of which was M5.3. According to AIR, with its epicenter located at 28.5° North latitude…

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AIR Worldwide Reports from Areas Affected by Sandy

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Hurricane Sandy Damage flood Insurance surcharge

According to catastrophe modeling firm AIR Worldwide, Sandy’s diameter made it the largest Atlantic hurricane on record in terms of the span of tropical storm-force winds. The huge radius helped to keep the winds at Category 1 intensity and allowed the storm to interact with a system from the west that resulted in severe weather across a wide swath of the eastern United States. This week two AIR teams were deployed to survey damage in New York and New Jersey. Commentary in this report provide an initial glimpse into the…

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Strong Earthquake Strikes Central Chile; No Tsunami or Significant Damage Reported

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According to catastrophe modeling firm AIR Worldwide, yesterday evening, a M7.1 earthquake struck central Chile approximately 27 kilometers north-northwest of the city of Talca (approximate population of 200,000). According to the United States Geological Survey (USGS), the earthquake occurred at 7:37 PM local time (22:37:06 UTC) and struck at a depth of 34.8 kilometers. “The earthquake occurred on the subduction zone that was partially ruptured by the 2010 earthquake; it can therefore be considered another aftershock of the 2010 earthquake,” said Dr. Tao Lai, principal engineer at AIR Worldwide. “It…

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New Entrants Adopt AIR Catastrophe Models to Better Manage Portfolios of ILS and Reinsurance Contracts

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BOSTON, March 1, 2012 – Catastrophe risk modeling firm AIR Worldwide (AIR) announced that investment companies such as ILS Capital Management are leveraging catastrophe modeling solutions to better manage portfolios of insurance-linked securities (ILS) and reinsurance contracts. “We selected AIR as the main model for our risk management architecture because it is the best solution for modeling a diverse portfolio of ILS and traditional reinsurance contracts,” said Tim Tetlow, president and COO of ILS Capital Management, Ltd. “Its event-driven approach is critical in allowing portfolio correlation and seasonal aspects of…

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